Gold Prices Today: Yellow metal prices likely to stay volatile, resistance around Rs 56,680-56,780.
Dollar weakness might persist that might support gold, as market participants are ramping up bets that the Bank of Japan will exit its ultra-dovish stance, said Ravindra V. Rao of Kotak Securities.
Gold prices inched lower on January 17 in the international markets weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the Federal Reserve capped further losses.
At 9.35 am, gold was trading 0.3 percent higher on the Multi Commodity Exchange (MCX) at Rs 56,495 for 10 grams after hitting a lifetime high on January 13 in intraday trade. Silver added 0.71 percent at Rs 69,918 a kilogram.
Spot gold was down 0.4% at $1,910.48 per ounce, as of 0304 GMT. On Monday, prices hit $1,929, the highest since late-April 2022. US gold futures fell 0.5% to $1,912.70.
