Gold prices ticked up on Wednesday, lifted by a retreat in the US dollar, although gains were kept in check after US Treasury Secretary Janet Yellen said interest rates may need to rise
Meanwhile, market sentiments are hurt on concern that rising Covid-19 cases in India and lockdown restriction in some states may hurt economic recovery.
This comes amid a positive trend in domestic equities.
This came on the back of positive domestic equities
The Reserve Bank turned net seller of the US dollar in February 2021, offloading $1.219 billion in the spot market, RBI data showed on Monday
This came on the back of weakness in the greenback and positive domestic equities.
Spot gold was up 0.1% at $1,778.22 per ounce by 0707 GMT
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals
The country's foreign exchange reserves rose by USD 1.193 billion to reach USD 582.406 billion in the week ended April 16, RBI data showed on Friday.
Gold heads for weekly rise on subdued US Treasury yields, dollar
Spot gold was little changed at $1,792.66 per ounce by 0707 GMT
U.S. gold futures gained 0.5% to $1,786.90 per ounce.
The rupee plunged by 52 paise to close at 74.87 (provisional) against the US dollar on Monday amid a lacklustre trend in the domestic equities as investors fretted over the prospects of lockdown
Gold prices hit 7-week high on weak dollar, lower bond yields
This comes after it declined for two consecutive quarters
Improving risk appetite also helped
Easing crude oil prices helped too
Futures for Eurostoxx 50 and Germany's DAX started in negative territory
A stronger dollar pressures gold as the metal becomes expensive for buyers outside the United States
The domestic unit slipped to 75.13 versus the US dollar, a level seen in August last year