Gold prices almost flat at Rs 79,700 per 10 grams; Silver slips Rs 230

New Delhi, Jan 3 (PTI) Gold prices traded almost flat at Rs 79,700 per 10 grams in the national capital on Friday, according to the All India Sarafa Association.

The precious metal closed at Rs 79,720 per 10 grams on Thursday.

Silver slipped Rs 230 to Rs 90,400 per kg on Friday. The white metal settled at Rs 90,630 per kg in the previous trading session.

However, the price of gold with 99.5 per cent purity rose Rs 130 to Rs 79,300 per 10 grams on Friday.

Meanwhile, in futures trade on the MCX, gold contracts for February delivery increased Rs 6 to trade at Rs 77,723 per 10 grams.

“Gold traded with minor gains in the domestic market, while Comex gold maintained a sideways trend around USD 2,655 per ounce,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

The market remains steady with limited movements as participants await further global cues to determine the next direction, Trivedi said.

Silver climbed Rs 517 or 0.58 per cent to Rs 89,690 per kg in futures trade on the Multi Commodity Exchange (MCX).

Globally, Comex gold futures rose USD 2.10 per ounce or 0.08 per cent to USD 2,671.10 per ounce.

“Gold extended gains on Friday buoyed by safe-haven demand after news reports came that US President Joe Biden discussed contingency plans to strike Iran’s nuclear facilities if it made progress towards developing a nuclear bomb before Trump’s inauguration on January 20,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.

Comex silver futures quoted 1.05 per cent higher in the Asian market hours at USD 30.22 per ounce.

According to Manav Modi, Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, market participants’ focus is shifting towards geopolitical tensions, which is increasing distress in the market and supporting gold and dollar together.

The focus will be on the US manufacturing PMI data going to be released later on Friday which will provide more cues for the direction of bullion prices, Modi said.