Precious metals including
gold and
silver were trading lower due to some selling by investors and industrials amid clarity over political uncertainty.
MCX Gold was down 0.24 per cent at 31,595 per 10 gram at around 12.30 pm (IST), while MCX Silver was down 0.38 per cent at Rs 36,522 per kg.
According to SMC Global Securities, gold may test 31,900 per 10 gram while taking support near Rs 31,500. However, silver can test Rs 36,800 while taking support near 36200 per 1 kg.
Bullion is often seen as a safe-haven investment in times of political or economic uncertainty.
Prime Minister Narendra Modi on Thursday led the BJP to a stunning and historic victory in the Lok Sabha battle, with the ruling party itself set to win 303 seats in a marked improvement over its 2014 showing that left the opposition dazed and demoralized.
The BJP-led NDA is poised to get 348 of the 542 Lok Sabha seats where polling took place in a seven-phase election. The development sent the Sensex breaching the 40,000-mark as India Inc celebrated.