Gold Price Today: Gold Futures Edge Higher, Hover Near Rs 49,350 Mark

Gold Price In India Today: Multi Commodity Exchange (MCX) gold futures traded in a range of Rs 49,111-49,473 during the session

Gold Price Today: Gold Futures Edge Higher, Hover Near Rs 49,350 Mark

Gold Rate Today: Spot gold settled at Rs 49,316 per 10 grams on Friday, according to IBJA

Gold Price In India: Domestic gold futures ended a volatile trading session marginally higher on Friday, as the yellow metal lost steam amid record highs in equities. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading higher by Rs 60 - or 0.12 per cent - at Rs 49,362, having swung between Rs 49,111 and Rs 49,473 during the session compared to their previous close of Rs 49,302. Silver futures for a March 5 delivery were up Rs 0.67 per cent at Rs 64,056. (Also Read: Is Silver The New Gold?

Globally, Comex gold futures traded 0.11 per cent higher at $1,843.10 per ounce, whereas silver futures were up 0.49 per cent at $24.26 per ounce.

The rupee strengthened by 14 paise, or 0.19 per cent, to settle at 73.78 against the dollar. The dollar index - which gauges the greenback against six peers - was last down 0.21 per cent. 

Domestic spot gold closed at Rs 49,316 per 10 grams on Friday, and silver at Rs 63,064 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). 

What Analysts Say

Ravindra Rao, VP-Head commodity research, Kotak Securities:

"Gold remains supported by weaker US dollar, stimulus hopes, rising coronavirus cases, mixed economic data from major economies, US-China tensions and Brexit uncertainty. However, weighing on price is continuing exchange traded fund outflows and general optimism about vaccine."

"Gold gained in last few days however the momentum may weaken unless we see some concrete stimulus measures or pick up in ETF buying."

Kshtij Purohit, product manager currency and commodities, CapitalVia Global Research:

"MCX gold February could see some hurdle near Rs 49,650-49,700 levels which is its 21-Daily Moving Average. However, above it could rally up to Rs 50,150-50,400 levels. The US dollar is on course for its worst week since early November, making gold cheaper for other currency holders."