Gold prices hovered near a five-week high on Friday and were set for a third straight week of gains, as U.S. inflation data released earlier this week revived expectations that the Federal Reserve might cut interest rates more than once this year.

Following the US Fed rate cut buzz on soft US core inflation data, MCX gold rate registered gains during early morning deals on Thursday. Gold futures contract on Multi Commodity Exchange (MCX)m for February 2025 expiry opened flat at ₹78,

Authorities say an incident involving an elevator at a former Colorado gold mine that led to the death of a tour guide and trapped a group of tourists for hours last year was caused by “operator error.

Investigators determined that the incident at the Colorado tourist mine was "not attributed to current mine practices or equipment malfunctions."

An October elevator malfunction in a Colorado gold mine that killed a tour guide and stranded nearly two dozen people underground for hours was caused by “operator error,” Teller County sheriff’s officials said Wednesday.