On Wednesday, gold ended about 0.5 per cent lower.

Base metals are likely to trade on a mixed note.

Early reports from companies with exposure to multiple sectors have been worrisome.

The Indian rupee Thursday had closed at 68.44 against the US dollar.

Around 10:55 am, the MCX Gold traded at Rs 34,445 per 10 grams, down by Rs 137.

The 10-year government bond yield was at 6.59 on Tuesday.

Gold had been on a tear since Fed officials last month opened the door to a rate cut.

After Fed’s comments the Dollar Index witnessed profit booking, which boosted gold prices.

Jerome Powell has a chance for rebuttal when he delivers the central bank’s next rate decision.

"We do not know how or when these issues will be resolved," Powell said.

The dollar index against a basket of six major currencies stood at 97.947.

Arrival of rabi crops from February to April and marriage season will push demand for gold.

The effectiveness of the central bank’s communications strategy has taken a hit.

The pan-European STOXX 600 benchmark was up 0.7 per cent by 0850.

It would be no surprise if foreign investors respond to Acharya's speech by exiting markets today.

The rupee opened 33 paise down at 73.67 against dollar.

Excess volatility and movements in the US dollar had a major impact on the domestic currency.