Spot gold were last seen 0.4 per cent up at $1,470.46 per ounce.Gold prices were last seen at Rs 38,310 per 10 grams in the national capital on Friday, according to industry body India Bullion and Jewellers' Association (IBJA).
These rates are exclusive of a 3 per cent Goods and services Tax (GST) and making charges, IBJA mentioned on its website.
Globally, gold prices were on track for a second straight weekly gain on Friday.
Spot gold rates were last seen up 0.4 per cent at $1,470.46 per ounce.
The yellow metal has gained about 0.3 per cent so far this week, after a 0.6 per cent gain the previous week.Uncertainty over the US-China trade deal has been the main driver of gold prices recently,said Hareesh V, head of research, Geojit Financial Services.The United States on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights, to China's displeasure.
Chinese President Xi Jinping said earlier in the day that China wants to work out an initial trade pact with the US and has been trying to avoid a trade war, but is not afraid to retaliate when necessary.The trade war between the world's two largest economies has roiled markets since its inception more than 16-months ago, and stoked concerns of a global economic recession.In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said earlier this month, as domestic prices climb to a record against a backdrop of falling earnings in rural areas.In a report, the WGC said gold consumption in the quarter ended September slumped by nearly a third from a year ago to 123.9 tonnes.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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