Gold Rate Today: Yellow metal prices fall by Rs 560/10 grams this week as dollar plays spoilsport

Gold traded in a tight range on Friday and is set to close with weekly declines having traded the week lackluster. Yellow metal’s fall could be attributed to the strengthening in the dollar index with the Fed remaining non-committal on the timing of the interest rate cuts.

Taking cues from the international market, MCX February gold futures were trading with a positive bias in the opening trade. They were hovering around Rs 62,671 per 10 grams, up Rs 31 or 0.05% from Thursday's closing price. Meanwhile, the March Silver futures were trading at Rs 72,501 per kg, up Rs 165 or 0.23%.

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Comex Gold futures were trading at $2,052.80 per troy ounce on Friday, up $2.80 or 0.14% while Silver futures were trading at $23.305, higher by $0.118 or 0.510%.

The dollar index (DXY) was trading slightly lower at 102.43 against a basket of six top currencies, up by 0.01 points or 0.01%. It has appreciated by 1.10% in the past five sessions.

On Thursday, the MCX Gold February contract closed at Rs 62,647, up by Rs 7 while the March Silver futures settled at Rs 72,370, rising Rs 34 or 0.05%.

After ending 2023 with gains of 15.22% or by Rs 8,372 per 10 gram, MCX gold futures have started this year on a weak note, Anuj Gupta, Commodity & Currency Head at HDFC Securities said. Gold is down by 0.89% or by Rs 563 from the 2023 closing price while Silver futures have corrected by 2.81% or Rs 2,094 per kg in the last two sessions, the Commodity & Currency Head at HDFC Securities said.

The price of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is Rs 63,300 per 10 grams while that of 1 kg of Silver is Rs 74,000.

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