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Gold at 9 week high on weak US$

Gold rate today nudged higher in early morning deals on Friday. Gold future contract for August 2023 expiry opened at ₹59,543 and went on to hit intraday high of ₹59,566 per 10 gm levels within few minutes of commodity market's opening today. In international market, gold price continues to trade at nine-week higher levels of $1,970 per ounce.

After US inflation hitting two-year low, US dollar has been continuously under sell off pressure as market is not expecting any US Fed rate hike in near term. This has supported gold price rally as investors are shifting money from currency to other assets including gold and equities.

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