Gold edged lower on Friday tracking overseas trend, gold on MCX for October delivery opened at Rs 29,981 per 10 grams and was seen trading at Rs 29,955 per 10 grams at 2.10 pm IST.
On Thursday, bullion was supported after data showed that China's consumer price index rose at an annualized rate of 1.8 % in July, slower than the 2.2% rate of the previous month, indicating more scope for monetary easing. International gold was seen trading around $1, 611 an ounce.
Gold futures contract for December delivery contract was trading at Rs 30,317 per 10 grams.
While, silver for September delivery on MCX opened at Rs 53,450 per kg and was trading at Rs 53,355 per kgs lower by Rs 157.
Investors are keen on another round of quantitative easing as it would probably spark another rally.