Today, gold prices fall in Indian markets despite fears over Omicron covid variant. On MCX, gold futures were down 0.2 per cent to Rs 47,791 per 10 gram, down about Rs 8,000 from last year’s record high of Rs 56,000 levels. Silver futures struggled at Rs 61296 per kg.

In global markets, gold rates slipped, hurt by a firmer dollar but concerns over new Omicron coronavirus variant capped losses. Spot gold fell 0.1 per cent to $1,780.36, while spot silver rose 0.3 per cent to $22.37 an ounce.

The dollar index held firm as Fed Chair Jerome Powell reiterated that he and fellow policymakers would consider a faster wind-down to the Fed’s bond-buying program, a move widely seen as opening the door to earlier interest rates hikes. A stronger greenback increased gold’s cost to buyers holding other currencies. On the higher hand, reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of non-interest-bearing gold.

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“Gold is struggling to sustain above $1800/oz level as support from increased safe-haven buying amid renewed virus concerns is countered by increasing expectations that Fed may fasten monetary tightening to curb inflation. Gold may remain choppy; however, safe-haven buying and inflation concerns may keep a floor to prices,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.