Gold price today: Yellow metal climbs to nearly one-week high

“Gold has weathered the central bank decisions and managed to hold above recent lows indicating that dip buyers have emerged. However, a sustained rise is unlikely until the US dollar corrects significantly," said Ravindra Rao, VP-Head Commodity Research at Kotak Securities.

Brent crude and WTI futures dropped 0.6 percent each on Friday to $89.3 and $82.4 a barrel respectively, amid fears that a slowdown in global growth will fuel lower demand.

Indian equity benchmarks opened in red on Friday tracing negative cues across global markets. The rupee depreciated to a record low of 81.18 against the US dollar before rebounding 35 paise.