Investors further awaited the March US job data for policy tightening cues.
Gold futures on MCX were trading down 0.36 per cent or Rs 189 at Rs 51,977 per 10 grams. Silver futures were trading lower by 0.35 per cent or Rs 238 at Rs 67,249 per kg.
Gold prices have been firm lately, on the back of market uncertainty over inflation and Russia-Ukraine peace talks. The market players are awaiting today’s US non-farm payroll data. The surge in bond yields may cap the upside.
In the spot market, the highest purity gold was sold at Rs 51,484 per 10 grams while silver was priced at Rs 66,990 per kg on Thursday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have dropped about Rs 500 per 10 grams in the last four trading sessions, whereas Silver has dropped more than Rs 1,700 per kg in the same number of sessions.
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1910 and resistance at $1950 per ounce. MCX Gold June support lies at Rs. 51600 and resistance at Rs. 52500 per 10 gram” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold was down 0.2 per cent at $1,934.10 per ounce, as of 0116 GMT. US gold futures fell 0.7 per cent to $1,940.20. The metal has lost about 1.1 per cent this week.
Spot silver edged 0.2 per cent higher to $24.73 per ounce. Platinum was up 0.1 per cent at $984.68, while palladium rose 0.9 per cent to $2,282.94. Both metals were on course for a fourth consecutive weekly loss.