Gold prices in Friday's trade saw profit booking tracking interntional rates. On the MCX, Gold April futures traded weak by 0.07 per cent or Rs 59 at Rs 85,975 per 10 gm, while silver futures also traded muted -down 0.07 per cent or Rs 70 at Rs 98,071 per 10 gm.

The losses came even as US President Donald Trump's latest tariff measures have strengthened safe-haven demand for the bullion.

Internationally, spot gold has gained 0.39 per cent or $11.44 at $2,922.54 per ounce, while the US gold futures traded higher by 0.11 per cent or $3.26 per ounce at $2,929.86 per ounce.

“Markets are waiting for fresh triggers regarding what is likely to happen going forward with respect to the trade war...This small profit-taking would be a good opportunity to re-enter long positions,” said Kunal Shah, head of research, Nirmal Bang Commodities is quoted as saying in a report.

Alongside, the impending trade war fears have led to a decline in the US dollar index as well as 10-year US bond yield, which bodes well for the precious yellow metal.

Investors on the sidelines, are awaiting, the crucial US non-farm payrolls data for any direction in the interest rate trajectory going ahead- as any cut in the interest rates augurs well for bullion -it being a non-interest yielding asset class.

On Thursday, gold and silver were settled on a slightly positive note in the international markets. Gold April futures contract were settled at $2,926.60 per troy ounce up by 0.02 per cent and silver May futures contract were settled at $33.338 per troy ounce, up by 0.62 per cent

Domestic markets were also settled on a positive note. Gold April futures contract settled at Rs86,034 per 10 grams with a gain of 0.23% and silver May futures contract settled at Rs98,141 per kilogram with a gain of 0.61 per cent. Gold and silver were traded steady in the international markets ahead of the U.S. non-farm payroll data. The European Central Bank cuts its interest rates by 25 basis points to 2.65% and the dollar index slipped to 5-month lows and supported gold and silver prices.

Gold and silver also gained amid uncertainty due to U.S. trade tariffs. However, decline in the U.S. jobless claims in the last week and rebound in the U.S. 10-year bond yields limits gains of precious metals. The U.S. jobless claims fell last week to 2,21,000 against expected claims of 2,34,000. The US. 10-year bond yields also gained and crossed 4.25 per cent levels on Thursday.

We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index, the US trade war and ahead of the U.S. job data but gold and silver could hold its key support levels of $2,860 and $32.20 per troy ounce respectively in the international markets on a weekly closing basis, Manoj Jain- Commodity Expert- India Nivesh.

Gold has support at $2908-2892, while resistance at $2940-2955 per troy ounce and silver has support at $33.00-32.80, while resistance is at $33.74-34.00 per troy ounce in today’s session. At mcx, gold is having support at 85770-85440 and resistance at 86360-86720 while silver is having support at 97400-96650 and resistance at 98850-99700.

We suggest buying silver around 97,500 with a stop loss of 96,850 for the target of 98,800.