The silver metal had closed higher at Rs 84,600 per kilogram in the previous session on Thursday.
Additionally, gold with 99.9 per cent purity and 99.5 per cent purity rose by Rs 100 each to Rs 74,200 and Rs 73,850 per 10 grams respectively.
Traders attributed the rise in gold prices to the increase demand by jewellers and warehouses, as well as an increase in the prices of precious metals in foreign markets.
Globally, Comex gold rose 0.22 percent. US Dollar 2,548.80 per ounce. “Gold extended its gains on Friday as the US dollar and Treasury yields fell following another set of data showing a weak US performance. labor market“said Saumil Gandhi, senior commodity analyst at HDFC Securities. Silver also traded slightly higher, up 0.26 per cent, at $29.18 an ounce in international markets. “The US employment data released in the last few sessions has shown mixed readings, although it confirmed that the labour market is cooling off enough to consider a interest rate “The US Federal Reserve cut interest rates at its September meeting,” Maneesh Sharma, Assistant Vice President for Commodities and Currencies, Anand Rathi Actions and stockbrokers, he said.
Following a strong monthly rise in July, gold posted another healthy gain in August to end 3.6 percent higher at USD 2,513 per ounce internationally, according to a report by the World Gold Council (WGC).
The reduction in customs duties on gold in India, which took place in late July, has provided a boost to gold demand in the country. The reduction was followed by strong buying interest from jewellery retailers and consumers.
Meanwhile, physically-backed global gold ETFs extended their streak of inflows to four months, while Western funds once again contributed to the share of flows, the report said.
According to Manav Modi, senior commodity research analyst, Motilal Oswal Financial Services Ltd.After weaker jobs data this week, attention now turns to the all-important US nonfarm payrolls and unemployment rate data due later on Friday.
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