Yellow metal trades flat, experts say buy on dips for a target of Rs 49,050
By Administrator_ India
Gold was flat in the Indian market on May 27 following a muted trend in international spot prices, which were below their four-and-a-half-month high hurt by an uptick in the US dollar and bond yields.
On the Multi-Commodity Exchange (MCX), June gold contracts were trading higher by 0.02 percent at Rs 48,795 for 10 grams at 0930 hours. July silver futures were trading 0.02 percent lower at Rs 71,396 a kilogram.
Spot gold was down 0.1 percent at $1,894.88 an ounce after hitting its highest since January 8 at $1,912.50 on May 26, a Reuters report said. The dollar index rose to a one-week high against rivals, making gold more expensive for other currency holders.
Gold and silver had a roller coaster ride on May 26, as both precious metals gained in the early session but a rebound in the dollar index erased the gains late evening.
Both settled on a mixed note in international markets. June gold futures contract settled at $1,901.20 per and July silver at $27.88 a troy ounce.
