The precious yellow metal has remained steady on the back of crucial Fed Reserve meet as there is uncertainty around the US central bank's call on rates. Nonetheless, gold shall record its highest weekly decline in over a month due to firm dollar.
Spot gold was steady at $1,241.99 per ounce, as of 0355 GMT. In Thursday's trade, gold fell in price to $1239.83. US gold futures were down 0.1 percent at $1,246 per ounce.
Dollar index has inched higher by 0.1% as investors focus on Fed's likely outcome on interest rates next week.
Gold is expected to be supported as views emerge that in all likelihood the central bank will resort to go slow in its rate hike regime and will rather hold on rates.
So, for now without much risk seen, investors are holding on to their positions in gold and as there is viewed recession to gain ground in next two years time as per a Reuters report, gold remains well supported as the opportunity cost of holding a bullion is reduced.
In the domestic market, 22K and 24 K gold goldis priced at Rs. 30,650 and Rs. 32,250 per 10 gm down by Rs. 150 and Rs. 250 respectively.