Gold costs slipped in the direction of a one-week low on Friday, on track for a primary weekly decline in three, with bullion pressured by a rallying greenback following optimistic US financial knowledge and as vaccine roll-outs gathered steam.
Spot gold was down 0.2% at $1,724.03 per ounce by 0420 GMT on Friday, having hit a one-week low of $1,721.46 within the earlier session. US gold futures had been down 0.1% at $1,722.70 per ounce.
“Gold is a victim of the kind of recovery that we could be potentially seeing in the U.S. dollar … Better recovery unfolds so that`s driving flows into U.S. assets and pushing the dollar higher and that’s what’s really weighing on gold at the moment,” stated IG Market analyst Kyle Rodda.
In Delhi, the 22-carat gold is priced at Rs 44,150 per 10 grams. While for 24-carat gold it’s Rs 48,160, extra by Rs 4,000 from the 22-carat gold price for the same amount.
Higher returns on Treasury bonds typically enhance the chance price of holding non-yielding bullion.
Silver edged up 0.1% to $25.04, holding above an over two-month low of $24.39 per ounce hit on Thursday.
Palladium gained 0.5% to $2,621.18 and platinum rose 0.2% to $1,150.01.
