Gold trades flat at Rs 79,150 per 10 gm; silver declines Rs 300
However, silver declined Rs 300 to Rs 93,500 per kg. The white metal closed higher at Rs 93,800 per kg on Thursday
Gold Jewellery being displayed in a showroom in Chennai
NEW DELHI: Gold prices traded flat at Rs 79,150 per 10 grams in the national capital on Friday, according to the All India Sarafa Association.
However, silver declined Rs 300 to Rs 93,500 per kg. The white metal closed higher at Rs 93,800 per kg on Thursday.
Price of gold of 99.5 per cent purity also remained flat at Rs 78,750 per 10 grams on Friday.
In futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery rose Rs 181, or 0.24 per cent, to trade at Rs 76,657 per 10 grams.
"Gold traded with minor gains on the MCX, as markets await key non-farm payroll and unemployment data later this evening.
"These metrics are crucial for shaping the Fed's policy outlook. While gold maintains a positive trajectory," Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.
Silver contracts for March delivery climbed Rs 426, or 0.46 per cent, to quote at Rs 92,850 per kg.
In the international markets, Comex gold futures rose 0.42 per cent at USD 2,659.60 per ounce.
"Stronger-than-expected US macroeconomic data might push the Fed to pause rate cuts this month, which may negatively impact gold prices.
"On the other hand, lower than expected data could lead to a spike in gold prices," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Silver also traded 0.62 per cent higher at USD 31.73 per ounce in the Asian market hours.
"Gold continues to trade steady despite weakness in the dollar and ahead of key jobs report due later on Friday," Manav Modi, Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said.
Geopolitical unrest continues to increase creating a strong floor for safe haven assets. France's government collapsed, while calls for the impeachment of South Korean President Yoon Suk-Yeol grew after he unsuccessfully attempted to impose martial law in the country.
The dollar fell after series of weak data points reported from the US, which is supportive for the metal, Modi added.