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In the US, spot gold rose 1% to $2,324.94 per ounce by 2:00 p.m. ET (1800 GMT). U.S. gold futures for June delivery settled 0.9% higher at $2,331.2 per ounce.

Spot gold closed $2 down at $2301 in a highly volatile market Friday. US nonfarm payroll and ISM services data fell short of forecast; however, inflationary pressure continues to build up.

In the unpredictable world of gold and silver trading, volatility is a constant companion, posing both opportunities and risks for investors.

Geopolitical events wield significant influence over the prices of MCX Gold and Silver, often sparking volatility and uncertainty in the market. Factors such as war tensions and trade disputes can swiftly alter supply and demand dynamics, prompting investors to seek refuge in precious metals.

Brent crude oil price news: Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the US, the world's biggest oil consumer. Get more Commodities News and Business News on Zee Business.

The exchange deferred the timings of resumption twice before the trade started. In a circular issued by MCX, it said that the trading hours for the commodity derivatives segment for February 13, 2024, have been revised from 9 am to 1 pm.

Spot gold closed with a loss of 0.48% at $2025 Friday as the US yields chugged higher to close 0.47% up at 4.177%. Spot gold was down nearly 0.70% on the week. The ten-year US yields firmed up by around 3.70% on the weekly basis, whereas the two-year yields were up roughly 2% on the week as the yields settled at 4.48% Friday.

As the US carried out its fifth airstrike against Houthi targets in Yemen on Thursday, the Iran-backed rebel group quickly launched two anti-ship ballistic missiles at a US-owned chemical tanker, though no injuries or damages were reported.

G Chandrashekhar says: “Once the speculators start to unwind their overly bullish bets, I think that will probably place a cap on the upside potential for gold. But once the rate cut signals become clear because the timing is what is important. And therefore, once the timing of the rate cut becomes clear, which in my view could be in the second quarter then gold will start to move up decisively.”

ETMarkets also analysed returns of largecap companies listed on the BSE to conclude that 65 stocks have higher returns than gold in 2023, with two stocks delivering multibagger returns of nearly 120% viz. Hindustan Aeronautics (HAL) and Zomato.