Gold prices inched up marginally to a month's high on Friday, thanks to a muted US dollar that has added to the sheen of the yellow metal. Bullion was on track for the third straight weekly gain.
Gold prices advanced amid a retreat in the dollar index and disappointing macroeconomic data from the US, said ICICI Direct in its note. "However, sharp upsides were capped on a rise in risk appetite in the global markets."
"According to ADP National Employment report on Thursday, private payrolls added 128,000 jobs last month, the lowest level in two years due to demand for labour starting to slow amid higher interest rates and tightening financial conditions," it added.
Gold futures on MCX NSE 0.41 % were trading with marginal gains of 0.08 per cent or Rs 41 at Rs 51,310 per 10 grams. However, silver futures gained 0.54 per cent or Rs 334 at Rs 62,670.
The US Federal Reserve is likely to continue tightening monetary policy beyond the half-percentage point interest rate hikes expected at each of its next two meetings, two policymakers signalled on Thursday.
Higher short-term US interest rates increase the opportunity cost of holding gold, which bears no interest. Signs of an economic crisis can be supportive of gold demand, as investors consider it a safe-haven asset.
Rahul Kalantri, VP Commodities, Mehta Equities said gold and silver prices were up in the evening session on
Thursday, supported by a drop in the US dollar index.
"The near-term chart postures are improving for both metals, and that’s also inviting more technically oriented traders to the long sides," he added. "Bullion in domestic markets also settled on a positive note."
In the spot market, the highest purity gold was sold at Rs 50,945 per 10 grams while silver was priced at Rs 61,605 per kg on Thursday, according to the Indian Bullion and Jewellers Association.
In the spot market, the highest purity gold was sold at Rs 51,205 per 10 grams while silver was priced at Rs 62,076 per kg on Thursday, according to the Indian Bullion and Jewellers Association.
After three sessions, the spot prices of gold have inched back to Rs 51,000 per 10 gram levels, whereas Silver advanced more than Rs 1,250 per kg in the last session.
"We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,850 and resistance at $1,890 per ounce. MCX Gold Aug support lies at Rs 50,900 and resistance at Rs 51,700 per 10 grams," said Tapan Patel, Senior Analyst (Commodities), HDFC NSE -0.54 % Securities.
Spot gold was up 0.2 per cent at $1,871.28 per ounce, as of 0214 GMT, its highest level since May 9. Gold prices have risen about 1 per cent so far this week. US gold futures also climbed 0.2 per cent to $1,874.50.
Spot silver, which gained 0.5 per cent to $22.39 per ounce, has climbed 1.4 per cent so far this week. Platinum firmed 0.2 per cent to $1,024.57 and is set for a weekly uptick of about 7.4 per cent, its most since May 2021. Palladium climbed 0.5 per cent to $2,064.20.
The rate of gold decreased by Rs 280 per 10 gram on Thursday with 24-carat of the metal trading at at Rs 51,820
Meanwhile, the rate of silver went down by Rs 1,000, with the precious metal trading at Rs 60,600 per kg on Thursday.
According to Goodreturns website, the price of 10 gram of 22 carat gold also decreased by Rs 250 as the precious metal is selling at Rs 47,500 on Thursday.
The price of 10 gram of 24 carat gold in Delhi and Mumbai is at par with the price of 10 gram of 24 carat gold in
Bangalore, Hyderabad, and Kolkata, with the precious metal trading at Rs 51,820 in these cities.
The price of 10 grams of 22 carat gold in Delhi and Mumbai is at par with the price of 10 grams of 22 carat gold in Bangalore, Hyderabad , Kolkata, and Chennai with the metal selling at Rs 47,650 in these regions.
In Chennai, the price of 10 gram of 24-carat and 22-carat gold is Rs 51,710 and Rs 47,400, respectively.
The price of gold varies for diﬀerent regions based on certain parameters such as the excise duty, making charges and the state taxes.The price of 1 kg of silver in Delhi, Mumbai and Kolkata is Rs 60,600.
Meanwhile, in Chennai, Bengaluru and Hyderabad, the metal is trading at Rs 67,000 per kg for the day.
On Wednesday, gold prices rose from a two-week low as investors looked toward the safe-haven metal amid worries over an increase in inﬂation primarily due to rising fuel prices, although a stronger dollar and higher US yields kept gains in check.
Spot gold rose 0.6 per cent to $1,847.39 per ounce by 1:50 p.m. ET (1750 GMT), having hit its lowest since May 19 at
$1,827.80 earlier in the session. US gold futures settled 0.02 per cent higher at $1,848.7.
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