Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Friday tracking gains in international spot prices on gloomy US jobs data and expectations of further stimulus packages form global central banks, analysts said.

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At 11:10 am, gold futures for October delivery rose 0.24 percent to Rs 51,575 per 10 grams as against the previous close of Rs 51,453 and opening price of Rs 51,559 on the MCX. Silver futures traded 0.45 percent higher at Rs 68,446 per kg. The prices opened at Rs 68,499 as compared to the previous close of Rs 68,142 per kg.

“Weakness is the dollar on the back of Federal Reserve’s pledge to keep interest rates low for a long time is a positive for gold and silver in longer-term as traders can park their money in safe-haven assets like gold,” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd.

International gold prices rose on Friday as gloomy US jobs data cast a shadow over the economic outlook, and major central banks pledged to roll out further stimulus if required to revive their coronavirus-battered economies, Reuters reported.

Spot gold climbed 0.5 percent to $1,951.32 per ounce, having fallen to a one-week low in the previous session. It has gained 0.5 percent so far this week. US gold futures were 0.5 percent higher at $1,959.

In the international market, gold may test $2,000 per ounce and silver may test $ 28.50 per ounce soon, according to Gupta.

“As for today traders can buy gold at Rs 51,200 levels with the stop loss of Rs 50,700 levels for the target of 51,900 levels. Buy Silver at Rs 68,000 levels, with the stop loss of 67,000 levels and for the target of 69,800 levels,” Gupta suggested.

In the Bullion index, “Bulldex” traders can also go for buy at 16,000 with a stop loss of 15,850 and for the target of 16,250.

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