Gold Rate Today: Gold prices sizzle as dollar falters

Gold prices made big strides on Friday as the dollar slipped on lower-than-expected US inflation data.

The inflation print dimmed the case for a faster pace of policy tightening by the US Federal Reserve amid signs of movement in the Sino-US trade standoff.

MCX Gold prices were up 0.34 per cent at Rs 30,554 per 10 grams at around 10.10 am. White metal silver ruled higher at around the same time. MCX Silver was up 0.40 per cent at Rs 37,211 per kg.

Angel Commodities expects gold prices to trade higher on Friday despite trade war concerns looming, with US President Donald Trump likely to impose additional tariffs on Chinese goods.

Latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, stood at 742.53 tonnes, down 2.65 tonnes from the previous business day. The figure for the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,418.84 tonnes, up 40.94 tonnes.