The appeal of gold has again outshined the dollar given the backdrop of trade optimism between the US and China. In a general case, weakening of the dollar, increases the safe haven appeal of the yellow precious metal. And gold becomes cheaper in other currencies.
In Friday's trade, gold gold prices jumped higher, but the gains were limited as the Fed minutes of the January meet hinted at a possible rate hike this year.
Spot gold inched 0.1 percent higher to $1,324.59 per ounce at 10 AM IST. This is the second weekly gain for the metal, which in Thursday's session reached a 10-month peak.
In the domestic market too, an uptick in demand and gold cues have weighed positively on the metal, with 24 K quoting at Rs. 33,830 per 10 gm of gold.