Gold metal trades lower, buy for a target of Rs 49,750

Gold metal trades lower, buy for a target of Rs 49,750

Gold was trading lower in the Indian market on January 22, tracking the muted trend in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading lower by 0.17 percent at Rs 49,364 for 10 grams at 0920 hours. March silver was trading 0.74 percent lower at Rs 66,804 a kilogram.

Investors can use the dip towards Rs 49,100 to buy for a target of Rs 49750 per 10 gm, experts said. Weakness in the dollar index is likely to support safe-haven prices.

February gold futures contract settled on a weaker note at $1,865.90 per troy ounce while March silver futures contract settled at $25.85 per troy ounce on January 21. Both precious metals settled on a mixed note in the domestic markets.