There was almost no change in the price of gold on Friday. The price of gold remained almost stable at Rs 79,700 per 10 grams in the national capital. According to the All India Sarafa Association, the precious metal closed at Rs 79,720 per 10 grams on Thursday. According to PTI news, the price of gold of 99.5 percent purity rose by Rs 130 to Rs 79,300 per 10 grams on Friday.

gold in the futures market today

Gold contracts for February delivery in futures trading on MCX are trading higher by Rs 6 at Rs 77,723 per 10 grams. Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said gold registered marginal gains in the domestic market, while Comex gold maintained a stable trend around $2,655 an ounce.

Trivedi said the market remains stable with limited volatility as participants await further global cues to determine the next direction. Globally, Comex gold futures rose $2.10 an ounce or 0.08 per cent to $2,671.10 an ounce.

What do experts say

Gold prices rose on Friday on safe-haven demand after US President Joe Biden discussed contingency plans to attack Iran's nuclear facilities if the country makes progress towards developing an atomic bomb before Trump's swearing-in on January 20, Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said.

Manav Modi, Commodity Research Analyst at Motilal Oswal Financial Services Ltd, says market participants' attention is shifting towards geopolitical tensions, which is increasing the crisis in the market and providing support to both gold and the dollar.