NEW DELHI: Gold and silver prices were trading with gains on Friday following the trend in international markets as dollar skidded and hopes of an economic stimulus grew.
In an interview, US President Donald Trump said there was a good chance a deal over COVID-19 relief could be reached, but gave no other details about a possible agreement.
However, House of Representatives Speaker Nancy Pelosi said legislation to help airline companies survive the fallout from the pandemic could only move through Congress with guarantees that a comprehensive aid bill would be developed too.
Gold futures on MCX were up 0.79 per cent or Rs 394 at Rs 50,569 per 10 grams. Silver futures dipped 1.59 per cent or Rs 960 to Rs 61,479 per kg.
In the spot market, gold prices in the national capital rose Rs 82 to Rs 51,153 per 10 grams on Thursday tracking gains in the global market, according to HDFC Securities. Silver also gained Rs 1,074 to Rs 62,159 per kilogram.
Globally, gold prices edged higher, supported by a weaker dollar and optimism over a new US coronavirus relief aid after President Donald Trump said talks with Congress have restarted.
Spot gold rose 0.3 per cent to $1,898.31 per ounce by 0054 GMT. US gold futures were up 0.4 per cent at $1,902.60. The dollar index was on track for a second consecutive weekly decline.
Gold-backed exchange traded funds added more than 1,000 tonnes of bullion worth $60 billion at current prices to their stockpile in the first nine months of 2020, driving a sizzling price rally, the World Gold Council (WGC) said.
The world’s central banks sold more gold in August than they bought, the WGC said, ending a year-and-a-half-long run of monthly gold accumulation and helping stall a rapid rise in gold prices.
Silver rose 0.4 per cent to $23.93 per ounce, platinum gained 0.6 per cent to $867.06, and palladium was up 0.3 per cent to $2,379.29.