Gold price in India was at its peak on Friday, supported by a weaker dollar and expectations of slower interest rate hikes by the US Federal Reserve. As per the MCX, gold prices increased by Rs 300 to Rs 56,181 per 10 grams — after it touched record high rates at Rs 56,245. Meanwhile, Silver gained Rs 164 to 68,807 per kg amid choppy trade.

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Globally, Spot gold was up 0.1 percent at $1,898.57 per ounce, as of 0234 GMT. Prices gained 1.8 percent so far this week.

The dollar index was on track for worst week since November 11, 2022. A weaker greenback makes bullion more attractive to overseas buyers. Around 2 pm on Friday, US Dollar Index Futures was down by 0.1 percent to 101.865.

With this, the rupee jumped 29 paise from its previous close vs dollar to 81.26.

Crude oil prices slipped on Friday, but were on track to post weekly gain of more than six percent. Signs of China demand outlook improving and less aggressive interest rate hikes in the US supported the commodity. Brent crude futures were trading 0.4 percent lower at $83.7 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 are expected to open higher on Friday tracing positive global cues.

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First Published:Jan 13, 2023 2:10 PM IST