NEW DELHI: Gold was trading close to flatline while silver slid as traders preferred to book profits on Friday given the upward momentum in equities on a better than expected quarterly earnings.
Meanwhile, total coronavirus patient count in India topped 10 lakh, the third highest in the world, with over 25,600 deaths. Due to this many states have increased restrictions on businesses and movement, threatening economic recovery.
Gold futures were up 0.09 per cent or Rs 43 at Rs 48,816 per 10 grams. Silver futures dipped 0.65 per cent or Rs 344 to Rs 52,266 per kg.
Gold prices declined by Rs 32 to Rs 49,986 per 10 gram in the national capital on Thursday amid a weak global trend, according to HDFC Securities. Silver also fell by Rs 124 to Rs 53,810 per kg.
Globally, gold steadied near the $1,800 level on Friday after a sharp fall in the previous session, as worries over surging COVID-19 cases and US-China tensions underpinned its safe-haven appeal, although a stronger dollar capped gains.
The dollar held firm against its rivals, also benefiting from safe-haven inflows.
Lower U.S. interest rates increase the appeal of non-yielding bullion.
Markets also kept a wary eye on China’s trade relations with the U.S., with Washington considering a ban on travel to the United States by all members of the Chinese Communist Party and their families, a person familiar with the matter said.
Elsewhere, palladium dropped 1.3 per cent to $1,970.52 per ounce, while platinum was steady at $824.17.
Silver fell 0.6 per cent to $19.05, but was on track for a sixth consecutive weekly rise.