NEW DELHI: Gold and silver prices were trading mixed around the flatline in Friday’s session amid steady US dollar and indecisiveness of US lawmakers about economic stimulus.
US President Donald Trump said on Thursday he was willing to raise his offer of $1.8 trillion for a COVID-19 relief deal with Democrats in Congress, but the idea was shot down by his fellow Republican, Senate Majority Leader Mitch McConnell, leaving investors guessing.
Gold futures on MCX were down 0.03 per cent or Rs 14 at Rs 50,698 per 10 grams. Silver futures rose 0.07 per cent or Rs 45 to Rs 61,580 per kg.
In the spot market, gold prices declined Rs 32 to Rs 51,503 per 10 gram in the national capital on Thursday, falling for the third consecutive day amid muted global trends, according to HDFC Securities. Silver prices also fell Rs 626 to Rs 62,410 per kilogram.
Globally, gold prices inched lower, on track for its first weekly decline in three, as the dollar held firm and US stimulus talks showed no progress.
Spot gold fell 0.1 per cent to $1,906.39 per ounce by 0052 GMT. It is down 1.2 per cent for the week so far, having posted two straight weekly gains. US gold futures were up 0.1 per cent at $1,910.60.
The dollar index was steady near a two-week peak hit in the previous session. The greenback was headed for its first weekly gain in three.
The number of Americans filing new claims for jobless benefits rose to a two-month high last week, stoking fears the pandemic was inflicting lasting damage to the labour market.
Holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.15 per cent to 1,276.06 tonnes on Thursday.
Silver fell 0.2 per cent to $24.26 per ounce, while platinum rose 0.2 per cent to $866.05. Palladium was up 0.3 per cent at $2,358.58.