Gold and silver ebbed in morning trade on Friday as sentiments on the Street improved. Equity indices also continued their rally as they touched new record highs.
MCX Gold (Feb) futures were down 0.27 per cent to Rs 38,005 per 10 grams and MCX Silver (Mar) futures shed 0.46 per cent to Rs 44,590 per kg.
Bullion counter may trade sideways to weak, said brokerage SMC Global. Gold can dip towards 37,900 while facing resistance near Rs 38,100 and silver can dip towards Rs 44,400 while facing resistance near Rs 44,800.
In the US market, gold prices inched lower due to increased risk appetite on hopes of an interim Sino-US deal being signed soon and as investors awaited the release of US gross domestic product data.
Spot gold edged 0.1 per cent lower to $1,478.00 per ounce by 0135 GMT, reported Reuters. US gold futures fell 0.2 per cent to $1,482.00 per ounce.
Palladium rose 0.4 per cent to $1,943.74 per ounce. The metal prices had hit an all-time peak of $1,998.43 on Tuesday.
Silver slid 0.1 per cent to $17.03 per ounce, while platinum edged up 0.1 per cent to $934.60.
Source: Economic Times