Gold price on Friday remained stable at Rs 53,300, while silver price was trending at Rs 68,400 per kg, according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the gold price of 22-carat gold is at Rs 48,850 per 10 gm, while in Chennai it fell to Rs 47,240. In Mumbai, the rate was Rs 48,930 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,540 per 10 gm.
Gold prices rose Rs 235 to Rs 49,675 per 10 gram in the national capital on Thursday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,440 per 10 gram.
Silver also went up by Rs 273 to Rs 67,983 per kg from Rs 67,710 per kilogram in the previous trade.
Global commodity markets ended 2020 on a strong note, with recovering demand and widespread stimulus packages buoying prices after a roller coaster ride caused by the global coronavirus pandemic. Rollouts of vaccines to combat the virus and trillions of dollars' in fiscal support are expected to boost investment and spending in 2021, spurring demand for raw materials from oil to copper.
Gold steadied as the dollar extended losses on Thursday, with the metal on track for its best year in a decade on economic uncertainty. Bullion has gained 25% so far in 2020 as global central banks and governments have delivered economic stimulus, laying the ground for higher inflation and currency debasement.
The US Federal Reserve will remain extraordinarily accommodative through 2022 and an increasingly progressive Democratic Party is looking to borrow and spend aggressively, said Tai Wong, head of base and precious metals derivatives trading at BMO.