Gold price today
New Delhi: Gold prices edged lower on Friday after Thursday's near 1% rally but losses in the yellow metal was capped as the weakness in the dollar and fall in US Treasury yields extended support. A surprise jump in US jobless claims also helped.
On the Multi Commodity Exchange, gold June futures traded 0.12% lower at Rs 46,780 as of 10:25 am as compared to Thursday's closing price of Rs 46,838. Meanwhile, silver May futures were down 0.34% or Rs 231 at Rs 67,270 per kg on MCX. On Thursday silver futures closed at Rs 67,501.
The U.S. dollar fell to a two-week low against a basket of currencies after the number of Americans filing new unemployment claims increased for the second straight week, last week. US Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell.
In the international market, gold price remained near its one-month peak scaled on Thursday. Spot gold was down 0.36% at $1,752 per ounce after rising 0.95% on Thursday to $1,758, its highest level since March 1. Spot gold rose nearly 1.5% for the week so far, after posting losses in the previous two weeks. Spot silver was down 0.79% at $25.38 per ounce.
In the domestic market losses were capped due to the fall in rupee. Analysts say gold prices likely to remain firm in the coming days. Once spot gold closes above $1,760 mark, it will rally to $1,800 level. In the domestic market, MCX gold futures face resistance near the Rs 47,300 level.