Domestic gold prices rose further on Friday after
touching over-a-month-high rates a day earlier. Meanwhile, the dollar edged lower with investors preparing for US jobs data that could influence the Federal Reserve’s monetary policy trajectory.
On MCX, gold prices were 0.06 percent up from the last close, touching the intraday high of Rs 52,005 per 10 grams. Meanwhile, Silver rates were 0.43 percent higher at Rs 61,610.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expects gold and silver to remain volatile. He said, "Gold could test $1745 per troy ounce while silver could also test $21.50 per troy ounce levels in the upcoming sessions."
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.
