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Gold Rate Today: Weak US Treasuries weigh on the dollar and gold price climbed to a new high of ₹57,150 per 10 grams last week.
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With a weekly gain of 0.35 per cent in the domestic market, it closed at Rs 56,875 on Friday.
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Gold is one commodity that has shown a steady increase in value year on year with an increase of almost 88% in the last 10 years.
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Delhi: After remaining flat on Republic Day- January 26, 2023, gold prices dipped into the red on Friday.
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Gold futures maturing on February 3 fell 300 points, or 0.53 per cent, to Rs 57,158 per 10 grams at 10:28 am. In the previous session, it had closed at Rs 57,465 per 10 grams.
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The yellow metal had crossed the mark of Rs 57,000 per 10 grams on Tuesday. Gold saw a strong rally in late 2022 and continued to trade higher in early 2023. 📷
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We are expecting gold to break $2000 this year. In the near term, we will see an improvement as it happens very rarely.
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The US Dollar is also taking support from the US Dollar Index trading just below 102 levels.
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The yellow metal traded thinly in the Indian market on January 27, even as global prices remained largely unchanged.