Gold prices moved up in late Friday business on an afternoon rally in US equity markets as investors viewed recent efforts by the Federal Reserve to add liquidity as supportive, reports Economic Times.
But trading was exceptionally quiet with many participants remaining on a long holiday weekend following Thursday`s US Thanksgiving Day holiday.
Spot gold was quoted at USD 817.65/821.65 an ounce, down from USD 814.60 an ounce in late Thursday business.
Traders said terror attacks in Mumbai also underpinned gold as a safe-haven purchase.
Earlier this week, an announcement by the Federal Reserve outlining an USD 800 billion lending facility supported consumer debt securities and was in turn helping gold.
The precious metal is heading for its biggest monthly gain in nine years as investors, spooked by the outlook for the global economy, are also buying the metal as a safe haven.
Prices have climbed some USD90 an ounce, or 12% this month. Gold is also up 12% in euro terms, and 15% in terms of the Australian dollar.
Among other precious metals, spot platinum was quoted at USD 871 an ounce, up from USD 853 late on Thursday. Palladium was at USD 186.50 an ounce against USD 187.50.
Silver was down by USD 10.25 an ounce against USD 10.31. Industrial precious metals have suffered more than gold from the economic downturn. Platinum and palladium, which are chiefly used in autocatalytic converters, have both dropped significantly from their summer highs.
