Gold futures commenced the day with slight gains on Friday, providing a measure of relief following a week characterized by volatility. On the MCX, gold for the February 5 contract was trading at Rs 1,37,805 per 10 grams, reflecting an increase of Rs 63 or 0.05%. Meanwhile, silver for the March 5 contract experienced a rise of Rs 1,131 or 0.46%, reaching Rs 2,44,455 per kg. Gold prices experienced downward pressure on Friday, influenced by a robust US dollar and the continuing rebalancing of indices in the commodities sector. Investor sentiment exhibited a degree of caution in anticipation of the forthcoming US non-farm payrolls data, which may significantly impact the metal’s short-term trajectory.

In global markets, spot gold declined by 0.4% to $4,458.10 per ounce as of 0126, whereas US gold futures for February delivery increased by 0.2% to $4,467.60 per ounce. The US dollar index gained 0.1% to hover around the 98.95 mark during early Asia trade, limiting bullion’s appeal for foreign currency holders. In domestic markets on Thursday, both gold and silver experienced a decline in their closing prices. MCX Gold February futures concluded at Rs 1,37,742 per 10 grams, reflecting a decline of 0.19%, whereas Silver March futures experienced a decrease of 2.91%, settling at Rs 2,43,324 per kilogram. The decline in precious metals was a consequence of significant volatility induced by global events, notably the yearly rebalancing of Bloomberg’s commodity index.