A sharp rise in US bond yields and strong US dollar weighed on the gold price. Gold prices fell for the second consecutive day by Rs 628 to Rs 50,421 per 10 gram in the Mumbai retail market on global equity market rally and rupee appreciation. The precious metal traded lower, tracking gains in the US dollar and firm Treasury yields.

The bullion metal prices turned volatile after reaching a high of Rs 51,660 during the week, but gave up all the gains to close marginally higher - Rs 123, or 0.24 percent - for the week in the Indian market.

The rate of 10 gram 22-carat gold in Mumbai was Rs 46,186 plus 3 percent GST, while 24-carat 10 gram was Rs 50,421 plus GST. The 18-carat gold quoted at Rs 37,816 plus GST in the retail market.

The higher yields are also pulling some flight to safety money out of the bullion market. Further, the prospect of more fiscal stimulus under a Democrat administration capped losses.

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