Gold Price Today: Yellow Metal Trades Above Rs 49,000

Gold and silver prices on Wednesday went up higher in Indian markets, owing to rise in global rates. On MCX, gold futures were up 0.4 per cent to Rs 49,049 per 10 gram while silver rose 0.7 per cent to Rs 72,622 per kg. In the previous session, gold had risen 0.62 per cent while silver had gained 0.51 per cent.

Concerns about inflation, subdued US bond yields and US dollar and renewed coronavirus surge in many parts of the world has helped gold rebound in international markets.

Spot gold was steady at $1,899.11 per ounce, after hitting its highest since January 8 at $1,899.11 on Tuesday. The dollar index was pinned near a 4-1/2-month low against its rivals, making gold cheaper for other currency holders.

Gold and silver extended gains on Tuesday amid disappointing U.S. consumer confidence and new home sales data. Both precious metals settled on a positive note in the international markets.

Gold June futures contract settled at $1898.00 per troy ounce, and silver July futures contract settled at $28.05 per troy ounce. Both precious metals settled on a positive note in the domestic markets as well.