Gold rate today: On account of ease in dollar index and rising Covid-19 cases, gold price continue to rally on eights week in a row. Gold future contract for February 2023 ended at ₹54,561 per 10 gm on MCX (Multi Commodity Exchange), clocking weekly gain of ₹236 per 10 gm. In international market, spot gold price finished at $1,797 per ounce, around $5 per ounce higher from its last Friday close.

According to commodity market experts, gold prices are rising due to renewed Covid fear and ease in dollar index. They said that fear of global economic recession has also eased after expansion in the US economy. However, they maintained that volume in gold prices are expected to remain muted and hence yellow metal prices are expected to remain ‘sideways to positive’ in near term. They said that spot gold price may remain range-bound in $1,780 to $1,820 zone whereas in domestic market, gold rates are expected to trade in ₹54,000 to ₹55,000 zone. Experts advised investors to maintain ‘buy on dips’ strategy for short term and asked traders to avoid taking short position in gold as the precious metal may emerge an ‘investor’s haven’ if Covid cases continue to rise in near term.