NEW DELHI: Gold and silver future traded mixed in morning trade on Friday as vote counting in the US showed Joseph Biden is most likely to be the President of the country even though the outcome may be challenged in the courts.
Biden inched closer to winning the White House, though the outcome hinged on a dwindling set of uncounted votes in a handful of battleground states. President Donald Trump also escalated his efforts to cast doubt on the election’s integrity.
Gold futures on MCX were down 0.37 per cent or Rs 191 at Rs 51,864 per 10 grams. Silver futures rose 0.31 per cent or Rs 197 to Rs 64,450 per kg.
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In the spot market, gold prices rose Rs 158 to Rs 50,980 per 10 gram in the national capital on Thursday, supported by a rally in global prices, according to HDFC Securities. Silver prices also jumped Rs 697 to Rs 62,043 per kilogram.
Globally, gold prices eased on Friday on an uptick in the dollar, with investors eyeing US presidential election results which suggest Democrat contender Joe Biden is inching closer to victory, though the prospect of a contested result remained.
Spot gold fell 0.4 per cent to $1,940.86 per ounce by 0105 GMT, after recording its best day since April 6, jumping 2.4 per cent and hitting an over one-month high in the previous session.
It was also on track for its best week since late July, rising 3.5 per cent. US gold futures fell 0.1 per cent to $1,944.70 per ounce.
The dollar index was up by 0.2 per cent, making bullion less attractive for other currency holders.
Silver fell 1.6 per cent to $24.93 an ounce. Platinum fell 0.7 per cent to $886.63, while palladium fell 0.3 per cent to $2,370.51.