Gold Rate Today: Gold, silver trade higher in morning deals

Gold prices rose on Friday on account of safe-haven demand for the precious metal amid fears of a chaotic departure for Britain from the European Union.

MCX Gold futures were trading 0.14 per cent up at Rs 31,119 per 10 gram in morning trade, while MCX Silver futures were up 0.50 per cent at 36,873 per 1 kg.

According to SMC Global Securities, bullion counter may witness some lower level buying on Friday. Gold can take support near Rs 30700 and can face resistance near Rs 30950 in MCX. While silver can take support near Rs 36400 and can face resistance near Rs 37000.



Also indicative of improved appetite for gold, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, remained near their highest level in more than two months, while central banks have also been gradually increasing their reserves of the metal, Reuters said quoting analysts.

US retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was probably slowing down. Italy’s government is looking to avoid European sanctions over its 2019 budget, Deputy Prime Minister Luigi Di Maio said on Thursday while stressing he did not want Italians to have to foot the bill.