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    Gold prices gain as dollar index drops after touching one-week low

    Gold prices gain as dollar index drops after touching one-week low

    Gold prices gain as dollar index drops after touching one-week low
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    By CNBCTV18.com  IST (Published)

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    The MCX gold futures rose by 0.4 percent to Rs 50,556 per 10 grams. Meanwhile, white metal future was also up 1.34 percent to Rs 55,010 per kilogram.

    Domestic gold prices rose on Friday after facing a decline for two consecutive days. The MCX gold futures rose by 0.4 percent to Rs 50,556 per 10 grams. Meanwhile, white metal future was also up 1.34 percent to Rs 55,010 per kilogram.
    Global gold prices also shot up on Friday supported by a dip in the dollar. Spot gold rose 0.7 percent to $1,719.65 per ounce as of 0407 GMT. Prices were up 0.5 percent for the week, after three straight weekly declines. US gold futures were up 0.6 percent to $1,730.90, in the initial trades.
    Meanwhile, the dollar index was down 0.7 percent, after touching one-week low, making the greenback-priced bullion less expensive for holders of other currencies. The US Dollar Index Futures was hovering at Rs 108.870 as of 10:50 am on Friday.
    Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi, Finmart, said, "Gold and silver showed very high volatility and gained in the early trading session but off day’s high after hawkish comments made by the Federal Reserve Chairman in his speech and decline in the US unemployment claims."
    The US Federal Reserve continue on an aggressive interest rate-hike path weighing on sentiment. The Fed is "strongly committed" to fighting inflation and remains hopeful that can be done without the "very high social costs" involved in prior campaigns to control surging prices, Fed Chair Jerome Powell said.
    This came as Indian equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on Friday, with the 30-scrip index crossing the psychologically important 60,000 mark, led by gains across sectors.
    Equities in other Asian markets begin stronger following a banking- and healthcare-led rise on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan is up 0.8 percent at this hour.
    Meanwhile, Spot silver gained 1.4 percent to $18.8206 per ounce and was up 4.5 percent for the week. Platinum rose 0.4 percent to $882.62 and was headed for its biggest weekly gain since June. Palladium fell 1.5 percent to $2,106.41, but was set for its first weekly rise in four.
    (With inputs from Reuters)
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