Gold price today in India was firm, tracking positive global cues. On MCX, gold futures rose 0.2 per cent to Rs 48,075 per 10 gram, extending gains to the third day. Silver rates futures rose 0.5 per cent to Rs 64,638 per kg.  On Friday, gold had jumped 0.8 per cent in India while silver had risen 0.3 per cent. In global markets, gold was near two-month high today, extending Friday’s strong gains. 

Spot gold today in global markets rose 0.1 per cent to $1,817.65 per ounce. Among other precious metals, spot silver rose 0.3 per cent to $24.25 per ounce. Gold drew support from a retreat in US dollar from a more than one-year peak hit on Friday. A softer greenback lifts bullion’s appeal by decreasing its cost to buyers holding other currencies.

Gold has rallied despite a better-than-expected US payrolls report that suggested economic activity was regaining momentum early in the fourth quarter.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities, said gold is trading higher after a strong gain in the previous session. “Gold traded higher supported by a drop in US bond yields as Fed decided to take a gradual approach on monetary tightening. Also supporting price is inflation concerns. However, weighing on price is an upbeat US jobs report, continuing strength in equity markets, and ETF outflows. Gold has rallied sharply in the last few sessions amid lack of any aggressive move by the Fed but may struggle to build on the gains amid improved risk sentiment,” he said.