Gold prices today: Yellow metal rates drop sharply, silver gains as dollar falls
Domestic gold prices inched higher on Friday after the dollar index dipped as investors awaited a possible easing of the aggressive monetary policy tightening by the US Federal Reserve.
On MCX, yellow metal prices were up 0.01 percent at Rs 50,740 per 10 grams. Its price saw a sharp drop around 10:45 am on Friday, trading 0.08 percent lower at Rs 50,696.00. Meanwhile, silver metal rates were 0.12 percent higher at Rs 58,350 per kg.
The dollar index moved lower after appreciating to 110.5 earlier in the trade. At around 11 am, US Dollar Index Futures were nearly 0.2 percent down at 110.230. With this, the rupee gained by 10 paise from its previous close to 82.39 vs the US dollar.
Crude oil prices also fell on Friday but were on track for a weekly gain on supply concerns. Brent crude futures were down almost a percent at $94.2 per barrel at the last count. WTI futures, too, were last trading 1.1 percent lower at $88.1 per barrel.
Besides, Indian equity benchmarks BSE Sensex and NSE Nifty50 opened higher as Dalal Street entered a new monthly derivative (futures and options) series.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expects gold and silver to remain volatile in today’s session and continue to hold their support levels. He also suggested buying silver on dips around Rs 57,900 with a stop loss of Rs 57,400 for the target of Rs 58,850.