Yellow Metal, Silver Rates Rise

Domestic yellow metal prices rose marginally at the MCX as they stood at Rs 48,032 per 10 gram. Similarly MCX silver September futures also saw a marginal gain to rise to Rs 67,847 per kg.

Silver prices ended higher with spot silver prices at COMEX rose to $25.49 per ounce for the week.

Gold ETF holdings witnessed inflows as holdings at SPDR gold shares rose to 1,031 tonnes from the previous week’s 1,027 tonnes for the week. 

Yellow metal prices showed an upward movement in the global market as spot gold rose by 0.18 per cent to $1816.7 per Troy ounce. 

Head of commodity research at Kotak Securities Limited, Ravindra Rao said, “COMEX gold trades marginally lower near $1,812 per ounce after a 1 per cent decline on Friday. Gold is pressurised by some recovery in the US dollar index from recent lows on the back of upbeat economic data. However, supporting the gold price is Fed’s less hawkish stance, increasing concerns about China and rising virus cases. ETF investors moved to sidelines after brief inflows last week. Gold has come under pressure after failing to break past recent high near $1,835 per ounce and while choppy trade is likely, prices may remain supported by increasing economic uncertainty and Fed’s less hawkish stance.”