Gold Rates Fall On Firm Dollar

Gold rates dropped a tad bit as the U.S. dollar gained against a basket of currencies, with investors continuing to look for riskier assets like equities.

Spot gold fell by 0.10 per cent at $1,720 an ounce, while US gold futures too saw a drop.

Hopes of economic recovery in the United States and vaccine rollout ensured that the dollar gained, which added to some drop in gold prices.

Back in India, 22 karats at the local jeweller were trading near the Rs 41,000 to Rs 43,000 depending on the city you are in.

Gold prices have moved in a tight range for the last few weeks, though year to date they have lost momentum as economic recovery has gathered steam.

Apart from this, the strong roll out of vaccine has also enabled gains in equities and lower gold prices.