Gold price today fell to Rs 45,070 from Rs 45,280, while silver price was trending at Rs 67,300 per kg, according to the Good Returns website. Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes. In New Delhi, the price of 22-carat gold slipped by Rs 100 to Rs 44,250 per 10 gm, while in Chennai it fell to Rs 42,490. In Mumbai, the rate was Rs 44,070 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 46,350 per 10 gm. In the international market, Gold was on track for its second straight weekly gain on Friday as a slight retreat by the dollar and US Treasury yields offered it support.
Spot gold was up 0.3 per cent at $1,740.99 per ounce by 0947 GMT.
Bullion is up more than 0.6 per cent so far this week. US gold futures gained 0.5 per cent to $1,741.60.
“A correction in the US 10-year Treasury yield, and indeed in the US dollar index is offering a little bit of a lift to gold prices, but we’ve been up here before around the $1,745 level and gold’s found some resistance,” Ross Norman, an independent analyst, said.
“It doesn’t feel like gold got a lot of momentum behind it or sufficient to push it through. We might require a convincing indication that these corrections in yield and the US dollar are more sustainable, and there’s no evidence of that just now.”
The benchmark US 10-year yield eased after climbing more-than-one-year peak of 1.754 per cent on Thursday, while the dollar gave up early gains.
The US Federal Reserve this week repeated its pledge to keep its target interest rate near zero and expected higher economic growth and inflation this year.
Gold is often used as a hedge against higher inflation, but a recent spike in US Treasury yields has weighed on the non-yielding commodity.