Gold prices today near record highs on safe-haven demand
NEW DELHI: Silver saw some profit booking while gold traded with a positive bias in Friday's morning session as tensions between the US and China escalated increasing safe haven appeal of the yellow metal.
China said the US move to close its Houston consulate this week had "severely harmed" relations and warned it "must" retaliate, without providing details of what it would do.
Gold is often used as a safe store of value during times of political and financial uncertainty.
Gold futures were up 0.13 per cent or Rs 65 at Rs 50,765 per 10 grams. Silver futures dipped 0.11 per cent or Rs 68 to Rs 61,122 per kg.
Gold prices went past Rs 51,000 mark in the national capital, rising by Rs 502 on Thursday on strong international prices, according to HDFC Securities. Silver, however, declined by Rs 69 to Rs 62,760 per kg.
Globally, gold held steady on Friday en route to its best week in more than three months, driven by an escalation in US-China tensions, with investors also looking for a hedge against possible inflation as hopes for more stimulus measures grow.
Spot gold was little changed at $1,885.62 per ounce by 0041 GMT, after hitting its highest since September 2011 at $1,897.16 on Thursday. U.S. gold futures eased 0.3 per cent to $1,884.60.
Prices have risen more than 4 per cent so far this week, their biggest weekly percentage gain since April 10.
Silver fell 0.3 per cent to $22.66 per ounce, while platinum rose 0.9 per cent to $913.86 and palladium was steady at $2,125.89.