Gold prices rose on Tuesday to their highest level in more than a week as a weaker dollar and pullback in US bond yields lifted demand for the safe-haven metal
The rupee declined by 18 paise to close at 73.30 (provisional) against the US currency on strong American currency and risk aversion in the domestic market amid concerns over rising Covid-19 cases
Spot gold was down 0.1% to $1,726.36 per ounce by 0733 GMT. Gold futures were flat at $11,762.40 per ounce
Gold bounced back from a three-week low hit in the previous session, as the US dollar and Treasury yields eased, while President Biden's $2 trillion-plus jobs plan further supported the metal's appeal
Gold prices fell to their lowest in more than three weeks as elevated US Treasury yields and a rising dollar kept the metal on track for its biggest quarterly drop in over four years
The Indian rupee slumped 20 paise to 73.58 against the US dollar in opening trade on Wednesday, weighed down by the strength of the greenback and weak domestic equities
Rupee is a surprise winner in Asia this year as expectations of an economic recovery, a rare current-account surplus and massive foreign inflows have shielded it from the impact of rising US yields
The Indian rupee slumped 34 paise to 72.85 against the US dollar in opening trade on Tuesday as rising crude oil prices and a strong American currency weighed on investor sentiment
Gold prices slipped on Tuesday, around a more than two-week low hit in the previous session, pressured by a stronger US dollar and higher Treasury yields on optimism around a quick economic recovery
The dollar index held firm near four-month highs against its rivals, making gold more expensive for holders of other currencies
Rupee was weighed down by a massive selloff in domestic equities and spike in global crude oil prices
Turkey's shock weekend decision to replace its hawkish central bank governor also supported the dollar's safe-haven appeal.
Spot gold was down 0.8% to $1,731.38 per ounce by 1052 GMT
This was also driven by foreign fund inflows
Gold slipped as investors opted for safe-haven assets such as the dollar and bonds after Turkey's abrupt decision to replace central bank head with a critic of high interest rates sparked uncertainty
The Reserve Bank of India (RBI) continued to remain net buyer of the US dollar in January
The rupee ended on a flat note against the US dollar on Friday amid a firm trend in domestic equity markets
Gold prices fell as the dollar held onto its gains from the previous session on the back of rising US Treasury yields, while the Fed's forecast of a strong economic rebound further pressured the metal
Brent futures fell $2.65, or 3.9%, to $65.35 a barrel
Reserves for both countries have mostly flattened out this year