There will be no action in the equity segment, equity derivative segment and SLB Segment on Thursday, according to the list of stock market holidays 2023, available on the official BSE website. Trading in the commodity segment of MCX will also remain close.

The gold price rise comes amid weakness in the US dollar and softening of US treasury yields. Analysts say investors are seeking refuge in the safe haven metal amid concerns over a global economic slowdown.

The dollar index was headed for a second consecutive weekly decline, making bullion cheaper for holders of foreign currency. The index is currently hovering marginally above 102 levels.

Earlier in the week, gold hit a record high of Rs 56,317 before retreating downwards. The fall from record highs was mainly due to profit-taking by short-term futures traders, while a rebound in the dollar index and falling crude oil prices have also capped gains.

Citigroup Inc Chief Executive Officer Jane Fraser said in an interview with CNBC that the US Federal Reserve could slow rate hikes in late spring or early summer. In a low-interest rate regime, lesser returns on interest-bearing assets such as bonds turn gold attractive.

"Expectations of the Fed slowing the pace of rate hikes has been supporting gold. Currently, we are seeing a technical pullback as prices entered the overbought territory. Also, the dollar is firming slightly," said Ajay Kedia, director at Kedia Commodities.

US consumer prices data showed a surprise decline in December, falling for the first time in over two-and-a-half years. Atlanta's Federal Reserve official Raphael Bostic recently said the inflation data may allow the Fed to scale back to quarter-point rate hikes at its upcoming meeting.

Gold prices hit a 9-month high in the international markets and crossed $1,900 per troy ounce. Silver prices also crossed its major resistance of $24.40 per troy ounce on a weekly closing basis.

Similarly in the US, consumer price inflation in December had fallen for the first time since May 2020. Buoyed by these encouraging data points, indices on Friday ended in the green, which helped them clock marginal gains for the week.

NMDC on the daily chart has surpassed its previous swing high with a sharp surge in volumes. The momentum indicator RSI has given a positive crossover on the daily chart, confirming the buy signal.

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With China reopening in 2023 and OPEC cutting back on oil production, global oil consumption is projected to rise once more

"In 2022, base metal prices experienced a roller-coaster ride due to uneven global economic growth and China's limited trade participation. A deficit in the global base metals market is anticipated in 2023 as a result of supply restrictions from significant manufacturers. Due to the weaker dollar, potential growth in Chinese consumption, and declining inventories, the base metals market is anticipated to demonstrate positive momentum in 2023," said ICICIdirect.

The World Gold Council Managing Director for India Somasundaram PR said high gold prices and a sharper focus on Current Account Deficit (CAD) to support imports for growth in priority sectors may put gold under policy pressure in 2023.

Investors are now looking ahead to US weekly initial jobless claims data due to be released later in the day. "Jobless data will be important. If it shows an increase in claims, then it should weaken dollar and support gold," said Ajay Kedia, director at Kedia Commodities told Reuters.

Gold prices hit a six-month high on Tuesday in international markets, as the dollar weakened and US yields remained steady, due in part to China's decision to ease Covid-19 restrictions.

Gold futures on MCX were trading lower by 0.14% or Rs 74 at Rs 54,447 per 10 grams. On the contrary, silver futures gained 0.37% or Rs 254 at Rs 68,774 per kg.

Gold futures on MCX were trading flat, with mild gains of 0.07% or Rs 39 at Rs 55,110 per 10 grams. Silver futures ticked up by 0.03% or Rs 20 at Rs 69,729 per kg.

After a corrective phase, following successive rate hikes by central banks, the year-end once again saw the prices of the yellow metal climbing back to highs and market participants are of the opinion that the coming year will be a good one for it.

The dollar index was flat after falling on Tuesday as the yen jumped to a four-month high after the BOJ's surprise decision to loosen its tight leash on government bond yields.

This is partly also because of the stretched valuations. Currently, India is the most expensive market within the emerging market pack. It is trading at close to 20 times its one-year forward earnings.

Last week, Fed Chair Jerome Powell said that the US Central Bank will deliver more interest rate hikes next year to curb inflation. Other major central banks have also highlighted a similar hawkish stance.

Gold prices edged up as the US services PMI slumped to 44.4 in December 2022, well below market expectations of 46.8. The latest data signalled the fastest pace of contraction in the service sector for four months, said ICICI Direct Research.

Gold futures on MCX were trading mildly lower by 0.09% or Rs 50 at Rs 54,057 per 10 grams. Silver futures tanked 0.36% or Rs 244 at Rs 67,574 per kg.

In the recent up move, the stock moved above it after consolidation of almost two years. The brokerage expects the stock to find fresh positive momentum and lead towards its life-time highs.

Gold futures on MCX were trading lower by 0.58% or Rs 318 at Rs 54,356 per 10 grams. Silver futures tanked sharply by 1.67% or Rs 1,155 to Rs 68,147 per kg.

Later, MCX informed that it is in process of modifying the cotton contract specification and no fresh position would be permitted in cotton January 2023 contracts and the subsequent expiry contracts till such time the revised contract specification gets finalised.

Gold futures on MCX were trading higher by 0.16% or Rs 85 at Rs 54,828 per 10 grams. Silver futures jumped 0.40% or Rs 276 at Rs 69,051 per kg.

MCX India rose nearly 4 percent to Rs 1,644, the highest closing level since December 12, 2021, and formed robust bullish candle on the daily charts with higher volumes. The stock has given a decisive breakout of long downward sloping resistance trend line adjoining October 14, 2021, and December 8, 2022.

Focus shifts on to the US consumer price index (CPI) data for November due later in the day and the US central banks final meeting of this year scheduled on December 13-14.

Gold futures on MCX were trading higher, gaining 0.29% or Rs 157 at Rs 54,138 per 10 grams. However, silver futures dropped 0.48% or Rs 325 at Rs 67,713 per kg.

Gold futures on MCX were trading higher, gaining 0.36% or Rs 196 at Rs 54,247 per 10 grams. However, silver futures jumped 0.78% or Rs 522 at Rs 67,556 per kg.

High interest rates have weighed on gold's traditional status as a hedge against inflation and other uncertainties this year which further translate into higher opportunity cost of holding the non-yielding metal.

In the spot market, the highest purity gold was sold at Rs 53,629 per 10 grams while silver was priced at Rs 64,648 per kg on Tuesday, according to the Indian Bullion and Jewellers Association.

Multi Commodity Exchange of India, incorporated in the year 2002, is a Mid Cap company (having a market cap of Rs 8051.37 Crore) operating in Financial Services sector.

“Gold prices are expected to trade with a negative bias for the day amid strong dollar and surge in US treasury yields,” it said. "Upbeat economic data from the US fuelled expectations among investors that peak for the Fed funds will be higher than anticipated," it added.

Gold is seen as a hedge against inflation, which rising rates aim to tackle, thereby diminishing the metal's appeal. Higher interest rates also make other assets more attractive compared with non-interest-bearing bullion.

Gold is seen as a hedge against inflation, which rising rates aim to tackle, thereby diminishing the metal's appeal. Higher interest rates also make other assets more attractive compared with non-interest-bearing bullion.

Gold is seen as a hedge against inflation, which rising rates aim to tackle, thereby diminishing the metal's appeal. Higher interest rates also make other assets more attractive compared with non-interest-bearing bullion.

The focus will now shift to the US non-farm payrolls print later this week. The near-term outlook remains positive. However, traders will watch for the data prints to take further cues, said Ravindra Rao of Kotak Securities.

Gold is seen as a hedge against inflation, which rising rates aim to tackle, thereby diminishing the metal's appeal. Higher interest rates also make other assets more attractive compared with non-interest-bearing bullion.

Gold is seen as a hedge against inflation, which rising rates aim to tackle, thereby diminishing the metal's appeal. Higher interest rates also make other assets more attractive compared with non-interest-bearing bullion.