Gold prices today traded higher with spot gold prices at Comex rose by 1.87% to $1776.51 per ounce for the week. Gold prices at MCX rose by 1.63% to Rs. 47,353 per 10 gram while a stronger rupee limited the upward slide.
The spot rupee ended 0.52% higher against the dollar for the week. Gold ETF holdings continued outflow as holdings at SPDR Gold Shares fell to 1,020 tonnes during the week down from the previous week’s 1033 tonnes.
Silver prices traded higher with spot silver prices at COMEX ended 2.78% up to $25.97 per ounce for the week. MCX Silver May futures rose by 2.54% to Rs 68,684 per kg. Silver prices outperformed gold amid sharp buying in industrial metals.
Bullion prices witnessed strong rally with gold prices reporting the best week in the last four months as traders and investors bet against higher inflation worries. The precious metals also jumped due to dollar decline and fall in US bond yields over Fed comments.
Bullion prices have traded higher owing to rising geopolitical tensions after US imposed sanctions on Russia. The rising virus cases in Europe and partial lockdown measures in India and Brazil have also supported precious metals to trade higher during the week.