Gold price witnessed a further drop in the international market on Friday.
As per media reports, spot gold fell 0.8 per cent to $3,277.67 an ounce, as of 0217 GMT. US gold futures lost 0.7 per cent to $3,282.80.
Spot silver fell 0.7 per cent to $32.27 an ounce, platinum rose 0.2 per cent to $977.85 and palladium fell 0.4 per cent to $971.86.
A day earlier, the prices of the yellow metal witnessed a decline both in the local and international markets.
In recent weeks, due to international economic war triggered by the US President Donald Trump tariff policy, the gold prices skyrocketed amid high demand. But now after some calmness in the tariff war, the prices are falling.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest-rate environment.
Meanwhile, oil prices were little changed early on Friday after rising more than 3 per cent in the previous session, as trade tension between top oil consumers US and China showed signs of easing and Britain announced a “breakthrough” trade deal with the United States.
Brent crude rose 7 cents, or 0.1 per cent, to $62.91 a barrel while US West Texas Intermediate crude was up 7 cents, or 0.1 per cent, at $59.98 a barrel as at 0121 GMT. On Thursday, Brent settled up 2.8 per cent, or $1.72, and WTI rose 3.2 per cent, or $1.84.
