Gold was set to lose ground for a second straight week, as a strong dollar pushed gold prices lower. Gold and the dollar are inversely related and when the dollar falls, gold prices gain and vice versa.
Gold in the international markets rallied to $1207, from the earlier price of $1212. The fall pushed the precious metal to a new low since May, 2016.
In the Indian market, the sharp drop in the price of gold was not reflected in domestic prices as the rupee sharply depreciated against the dollar. The currency was last trading at 68.08 to the US dollar, a sharp drop of 26 paise.
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