The most traded commodity gold for August delivery on MCX opened at Rs 23,070 per 10 grams and was trading between Rs 23,113 – Rs 23,115 per 10 grams around 4:35 p.m. IST.

In the United States, some fiscally hardline Republican lawmakers blocked a budget deficit plan proposed by their own congressional leaders on Thursday, and delayed an emergency meeting to Friday, in a further obstacle in efforts to avert a debt default ahead of an Aug. 2 deadline to raise the country's debt ceiling, as reported by Reuters.

Investors have kept their eyes open till August 2, if U.S. doesn't take any action on lifting debt-ceiling, then there is scope for some upward correction from where we are now.

The precious metal is up 13.6% so far this year.

OneIndia Money