Gold prices fall, trade near 6-week high

Gold prices fell marginally today, Jan. 3, with the rise in US dollar, but are trading near its highest level in six weeks, amid the latest global developments related to the pandemic.

The yellow metal is receiving support from the increase in Omicron cases, but at the same time the strain is not dangerous compared to Delta, and therefore, the prices are not rising sharply, according to an analyst at Anand Rathi Shares.

Gold futures contracts for February delivery fell 0.3% to reach $1,823.10 per ounce at 10:30am GMT.

Spot price for the yellow metal declined by 0.34% to reach $1,823.03 per ounce, after hitting $1,831.62 an ounce earlier in trading - the highest level since Nov. 22, 2021.

Elsewhere, silver futures for March delivery fell 0.84% to reach $23.16 an ounce. Spot price for platinum delivery fell by 0.2% to reach $966.84, while palladium dropped 1.21% to reach $1,889 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, roseby 0.3% to reach 95.925 points.