Gold Price Today: Yellow Metal Slips to Rs 48,980

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Gold price today: the yellow metal fell on Saturday

The price of gold on Saturday January 15 reached Rs 48,980, down by Rs 120 from Friday’s buy value of Rs 49,100. Silver prices, however, increased by Rs 200, reaching Rs 62,200 per kg.

However, the price of gold today at MCX is still around 8,400 rupees below its lifetime high of around 56,200 rupees per 10g. According to experts, the MCX gold rate has been falling for a year and a half after hitting its highest level in August 2020.

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Spot gold price is trading in a range of $1,780-$1,835 per ounce and it could reach $1,900-$1,910 per ounce once it breaks through the current hurdle at 1 $835. They said the rising price of crude oil in the global market is expected to further fuel global inflation, leading to weakness in major global and local currencies, which will push the price of gold further north.

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According to updated data from MCX, gold futures, which will expire on February 4 this year, rose by 0.18% to reach Rs 47,820.00. Silver futures, which are due to expire on March 6 this year, fell 0.44% to Rs 61,645.00.

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