Gold prices and silver prices in India gained on Friday morning on global cues. On MCX, gold rate by 10 grams touched Rs 38,429 while silver price per kilo went as high as Rs 45,995.
In the international market, spot gold was up by 0.2 percent at $1,508.12 an ounce. In the previous session, it hit an over a week high of $1,518.50 per ounce.
US-China trade war
The US government continues its scrutiny of imports made from China. Washington announced another round of tariffs on Thursday, wherein about $4.4 billion of wooden kitchen cabinets and vanities imported from China will face additional duties. The country's Commerce Department said these products were being dumped into US markets at less than fair value.
Chinese exporters will face tariffs of 28.7 percent to 251.6 percent to level the playing field, the department said in its preliminary decision.
These tariffs form part of the series of tariffs imposed by the Commerce Department usually at the request of American companies that are affected by such imports from other countries. It is separate from President Trump's broader trade dispute with Beijing which has imposed taxes on almost goods that enter the US from China.
US Dollar softens
The dollar stepped back after a US service sector survey brought worries of weakening US economy and a possible recession if the effects of trade disputes with China and other countries spill over.
Stock markets in Asia opened higher on Friday reflecting gains in the Wall Street on the previous day but traders are cautious ahead of key US employment rate report due today that could help determine whether the Federal Reserve cuts interest rates further.
A weaker dollar keeps gains in prices of the precious metals in check in India as these are imported in the American currency terms.