Both Indian gold and silver rates dropped minimally even with higher international outcomes. MCX showed gold futures decline 0.15% to Rs 51637 for 10 grams, with silver ones dropping 0.13% to Rs 67790 per kg.

 The last session, gold had climbed 0.52% whereas silver had edged down 0.2%. Through the week, gold had minimally profited. Domestic gold rates have remained volatile in recent weeks following the previous months over Rs 56,000.

Internationally, gold prices edged up, aided by weaker US dollar and the resurgence of COVID-19 infections across the world. Spot gold gained 0.3% to $ 1,954.65 an ounce.

Gold traders anticipate further clues regarding the Fed’s monetary policy as President Jerome Powell appears before congressional committees later this week. The dollar collapsed 0.12% opposed to competitors, allowing gold to attract buyers with different currencies.

Compared with other metals, silver increased 0.6% to $ 26.92 an ounce while platinum benefitted 1.3% to $ 939.75.

Following poor condition for weeks, investment demand for gold has now picked up. Holdings in SPDR Gold Trust, the world‘s largest gold-backed exchange-traded fund or gold ETF, increased 1.03% to 1,259.84 tonnes on Friday.

Back in India, jewellers are hopeful of the upcoming holiday season providing a boost to demand gold which has remained muted amid the COVID crisis. Dealers offered discounts for a fifth consecutive week between weak physical demand.

“Gold may remain volatile due to the lack of clear indices and the mixed trading of stocks and the US dollar,” says Kotak Securities. He recommends a buy-bearish strategy for gold, citing global uncertainty and the loose monetary policy of major central banks.