Gold and silver prices in India moved higher in early deals on Friday, tracking mild gains in the global benchmarks as investors awaited Federal Reserve Chairman Jerome Powell’s speech later in the day at the Jackson Hole symposium. The dollar edged lower against a basket of currencies. Weakness in the greenback makes gold more attractive for holders of other currencies.

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At 9:05 am, MCX gold futures for October delivery traded higher by Rs 194 or 0.41 percent at Rs 47,431 per 10 grams. Silver futures were at Rs 62,950 per kilogram, up by Rs 227 or 0.36 percent compared to the previous day. On Thursday, gold and silver futures had eased to settle at Rs 47,237 and Rs 62,723 per kg respectively.

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International gold prices were steady on Friday, with spot gold last seen trading up 0.1 percent at $1,793.68 per ounce. US gold futures traded 0.1 percent higher at $1,796.70 per ounce. Silver rose 0.33 percent to $23.63 per ounce.

The dollar held firm after bouncing off a one-week low in the previous session. The dollar index -- which measures strength in the greenback against six other currencies -- declined as much as 0.05 percent.

On Thursday, Federal Reserve’s hawkish policymakers urged the central bank to begin paring bond purchases they feel have become ineffective, if not downright harmful.

Caution also set in the market following Islamic State’s suicide bomb attack on Thursday at Kabul airport, that killed scores of civilians and at least 13 US troops, according to a report by news agency Reuters.

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Many analysts expect bullion prices to remain volatile this week.

According to Manoj Kumar Jain, Director-Head of Commodity Research, Prithvi Finmart: "Gold prices caught some safe-haven buying at lower levels after the attack on the Kabul airport... Global equities slipped after this and supported gold prices. Gold prices also get support from the rise in unemployment claims in the US last week."

He expects both precious metals to remain volatile on Friday ahead of the Fed Chair's speech at the Jackson Hole symposium.

"His remarks on the US economy, bond tapering and interest rates will give further direction to the precious metals," said Jain, who recommends buying gold on dips to around Rs 47,000 for a target of Rs 47,500 with a stop loss at Rs 46,770.

He has pegged support for the yellow metal futures on MCX at Rs 47,050-46,880, and resistance at Rs 47,380-47,600.