Gold price today: Yellow metal rises further as dollar edges lower and equities slump

Globally, gold prices held steady on Friday with Spot gold little changed at $1,709.63 per ounce in initial trade.

The rise in yellow metal rates came as the dollar index — which measures the American currency against a basket of six peers — was down 0.1 percent early Friday. At the time of writing this report, US Dollar Index Futures were 0.03 percent down at 112.150.

Amid this, the rupee depreciated by as much as 32 paise from its previous close to a record low of 82.20 vs dollar amid a rise in oil prices. The rupee has depreciated about one percent in the last four trading session and has fallen more than 10 percent in 2022 so far.

Also, Indian equity benchmarks BSE Sensex and NSE Nifty50 succumbed to negative territory after a flat start on Friday amid weakness across most other markets around the world.