Gold Rate Today: Yellow metal rises over Rs 500/10 gm on softer US dollar and geopolitical concerns; silver up by Rs 1000/kg

Gold prices rose above Rs 76,000 per 10 grams on Friday, driven by a slight dip in the US dollar and increasing geopolitical tensions. However, the yellow metal remained on track for a weekly decline as investors awaited key US data for further clarity on the Federal Reserve’s monetary policy.

The December gold futures were trading at Rs 76,244 per 10 grams on the MCX at 11.09 am and were up by Rs 520 or 0.69% from the previous session’s closing price. Meanwhile, Silver‘s December futures were trading at Rs 89,061 per kg and were higher by Rs 1,059 or 1.2% around this time.

Meanwhile, spot gold rose 0.7% to $2,660.03 per ounce, as of 0236 GMT. However, bullion was down 2% so far this week.

The dollar index eased 0.2% to 105.83, boosting gold’s appeal for holders of other currencies.

The Israeli military said its air force struck a facility used by Hezbollah to store mid-range rockets in southern Lebanon on Thursday amid mutual ceasefire breach accusations.

Additionally, Russia on Thursday unleashed its second big attack on Ukraine’s energy infrastructure this month, triggering deep power cuts across the country.Gold, traditionally seen as a safe-haven investment during times of economic or geopolitical uncertainty, continued to attract investor interest.Major US data releases next week, including job openings, the ADP employment report and the employment report, are expected to offer cues about the Fed’s rate cut outlook.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,160/8 grams while pure gold (24 carat) prices stand at Rs 60,352/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,600/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,672/8 grams while pure gold (24 carat) prices stand at Rs 60,400/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.

(With inputs from agencies)

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