Gold Remains Almost Flat; Silver Slips Rs 230

New Delhi: Gold prices traded almost flat at Rs79,700 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. The precious metal closed at Rs79,720 per 10 grams on Thursday. Silver slipped Rs230 to Rs90,400 per kg on Friday. The white metal settled at Rs90,630 per kg in the previous trading session. However, the price of gold with 99.5 per cent purity rose Rs130 to Rs79,300 per 10 grams on Friday.

“Gold traded with minor gains in the domestic market, while Comex gold maintained a sideways trend around $2,655 per ounce,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Globally, Comex gold futures rose $2.10 per ounce or 0.08 per cent to $2,671.10 per ounce. Comex silver futures quoted 1.05 per cent higher in the Asian market hours at $30.22 per ounce. The market remains steady with limited movements as participants await further global cues to determine the next direction, Trivedi said.

Meanwhile, in futures trade on the MCX, gold contracts for February delivery increased Rs6 to trade at Rs77,723 per 10 grams. Silver climbed Rs517 or 0.58 per cent to Rs89,690 per kg in futures trade on the Multi Commodity Exchange (MCX). “Gold extended gains on Friday buoyed by safe-haven demand after news reports came that US President Joe Biden discussed contingency plans to strike Iran’s nuclear facilities if it made progress towards developing a nuclear bomb before Trump’s inauguration on January 20,” said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.