Gold Falls 1.16 Percent Amid Stronger Dollar and Higher Yields
Gold prices fell by 1.16 percent on a weekly basis due to higher US Treasury yields and a firmer dollar, which capped demand for safe-haven assets.
On Friday, MCX gold August futures gained 0.06 percent while MCX silver September futures dipped 1.13 percent. The current price of gold futures stands at Rs 141,599 per kg, with silver futures at Rs 217,488 per kg.
The price of 10 grams of 24-carat gold was at Rs 142,860 on Friday, down from the Monday market opening price of Rs 144,532. According to the India Bullion and Jewellers Association (IBJA), gold and silver remained volatile throughout the week.
Despite a brief rally around 2 percent after the US Federal Reserve left interest rates unchanged, gold extended its gains into Thursday as the dollar softened later in the week. Silver, on the other hand, was relatively steady, trading within a narrow range.