Domestic gold prices dropped on Friday, supported by gains in the dollar as traders awaited US inflation data, due later in the day, to gauge the Federal Reserve's stance on further interest rate hikes.
On MCX, gold rates were down by Rs 245 to Rs 56,717 per 10 grams. Meanwhile, Silver prices gained by nearly Rs 90 to Rs 68,763. Globally, Spot gold was flat at $1,927.99 per ounce as of 0234 GMT, while US gold futures were off 0.1 percent at $1,928.30.
The dollar gained 0.1 percent on Friday. Around 10:30 am, the US Dollar Index Futures was hovering around 101.763. With this, the
rupee rose by 11 paise vs the US dollar as global crude oil benchmarks moved higher putting pressure on the currency.
Crude oil prices moved higher on Friday extending gains from previous session amid strong economic data and optimism of reopening of Chinese economy. Brent crude futures were trading 0.4 percent higher at $87.8 per barrel at the last count.
Meanwhile, Indian equity benchmarks BSE Sensex and NSE Nifty50 are expected to open higher on Friday.
