Meanwhile, investors are keeping their fingers crossed as despite Joe Biden leading in the opinion polls, the result is uncertain as polls have a history of being wrong.
Gold futures on MCX were up 0.12 per cent or Rs 61 at Rs 50,760 per 10 grams. Silver futures gained 1.12 per cent or Rs 682 to Rs 61,547 per kg.
In the spot market, gold in the national capital rose Rs 268 to Rs 50,812 per 10 grams on Friday following recovery in international prices of precious metal, according to HDFC Securities. Silver also witnessed increased buying as it gained Rs 1,623 to Rs 60,700 per kg
Globally, gold edged lower weighed down by a stronger dollar, while investors awaited the outcome of Tuesday’s hotly contested US presidential election.
Spot gold fell 0.2 per cent to $1,873.87 per ounce by 0047 GMT. US gold futures were down 0.3 per cent at $1,875.00 per ounce. The dollar index was 0.1 per cent higher against a basket of currencies, lowering gold’s appeal to other currency holders.
Speculators cut their net long position by 3,702 contracts to 131,609 in COMEX gold in the week to October 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Holdings in the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.1 per cent to 1,257.67 tonnes on Friday.
Silver fell 0.9 per cent to $23.41 an ounce. Platinum dropped 1.5 per cent to $836.37 and palladium gained 0.2 per cent to $2,216.05.