Gold prices in India saw an increase on Friday, according to data from India’s Multi Commodity Exchange (MCX). The price stood at 62,014 Indian Rupees (INR) per 10 grams, up by INR 259 compared to Thursday’s cost of INR 61,755. In the futures market, gold prices rose to INR 62,094 per 10 grams from INR 61,769. Conversely, silver futures contracts experienced a decrease, falling to INR 71,839 per kg from INR 71,615.

Here are the Gold prices in major Indian cities:

• Ahmedabad: 64,150 INR
• Mumbai: 63,990 INR
• New Delhi: 64,135 INR
• Chennai: 64,130 INR
• Kolkata: 64,190 INR

In the global market, Comex Gold prices are attracting haven flows amid tensions in the Middle East. Ongoing clashes between US-led forces and the Iran-backed Houthi group in the Red Sea are providing support to the safe-haven gold price, despite a relatively subdued US Dollar.

Recent geopolitical events include Houthi rebels in Yemen launching anti-ship ballistic missiles at a US-owned tanker, prompting the US to respond with its fifth strike against Houthi targets. Additionally, Pakistan conducted military strikes against terrorist hideouts in Iran’s Sistan-Baluchistan province, while Iran initiated a planned air defense drill near its port of Chabahar close to Pakistan.

The US Dollar is consolidating below its highest level since December 13, as reduced expectations for a March rate cut by the Federal Reserve act as a supportive factor. Resilient US macro data released this week indicates a robust economy, providing the central bank with room to maintain higher interest rates for an extended period.

Positive figures, such as upbeat US Retail Sales on Wednesday and lower Initial Jobless Claims, have shifted market expectations, reducing the probability of a March rate cut from 75% to just over 50%. The yield on the 10-year US government bond, reaching its highest level since mid-December, favors USD bulls and may limit gains for the non-yielding gold metal.

Traders are now focusing on upcoming US macro data, including Preliminary Michigan Consumer Sentiment, Inflation Expectations, and Existing Home Sales, for potential short-term opportunities.