MCX Gold futures were trading 0.16 per cent, or Rs 48, up at Rs 30,165 per 10 gram at around 10.40 am (IST), while MCX Silver futures were up 0.22 per cent, or Rs 85, at Rs 39,404 at around the same time.
However, Angel Commodities said, "We expect gold prices to trade lower on Friday, as the US Fed talked about rising inflationary concerns which should signal rate hike in the months ahead as Jerome Powell takes the Chair."
According to SMC Investments and Advisors, bullion counter may trade on volatile path as the US initial jobless claim data and movement of greenback to give further direction to the prices.
"Gold can move in range of Rs 29,950-30,200, while silver can move in range of Rs 39,100-39,700 in near term," said SMC in a report.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.49 per cent to 841.35 tonnes on Wednesday from 845.49 tonnes on Tuesday.