Bullion counters traded on a flat note in Friday’s session as traders waited on the sidelines, ahead of the formal signing of the US-China trade deal.
China’s Commerce Ministry said on Thursday that Beijing and Washington were still in the process of completing necessary procedures while maintaining close communication to sign the deal.
Gold futures on MCX were up 0.15 per cent at Rs 38,939 per 10 grams. Silver futures were down 0.05 per cent at Rs 46,800 per kg.
Brokerage SMC Global said bullion counters may trade with an upside bias. Gold can jump towards Rs 39,150 while taking support near Rs 38,800 and silver can move towards Rs 47,300 while taking support near Rs 46,500, it added.
In the US markets, gold prices edged lower on rising risk appetite buoyed by optimism over an interim US-China trade deal, but bullion was still set to register its best week in more than four months.
Spot gold fell 0.1 per cent to $1,509.56 per ounce by 0136 GMT. Prices peaked to their highest since Nov. 4 at $1,512.30 in the previous session. U.S. gold futures were unchanged at $1,514.40 per ounce.
For the week, spot gold was on track to post a jump of 2 per cent, its best weekly rise since early August.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose 0.4 per cent to 892.37 tonnes on Thursday from 888.86 tonnes on Tuesday.
Silver was flat at $17.88 per ounce, while platinum rose 0.2 per cent to $949.19. Both the metals were poised to register their best week since late August. Palladium edged 0.1 per cent lower to $1,899.90 per ounce.
Source: Economic Times
