Gold, silver rates may continue climbing higher; bullion prices at 10-week high

| Updated: 10 May, 2021 6:50 am IST

Commodity prices traded higher during the week passed by with Bullion prices witnessing the best week of the last six months. Crude oil prices reported a second weekly gain with broad buying in commodities. Base metals extended gains with Copper and Aluminum prices rose the most boosted by strong demand outlook and lower supply concerns. 

Gold prices traded higher with spot gold prices at COMEX rose by 3.51% to $1831 per ounce for the week. Gold prices at MCX gained by 2.17% to Rs 47,751 per 10-gram limiting gains by sharp rupee appreciation. The spot rupee rose by 0.77% against the dollar for the week. Gold ETF holdings witnessed inflows as holdings at SPDR Gold Shares rose to 1025 tonnes from previous week’s 1017 tonnes. The CFTC data showed that money managers increased their net long positions by 2979 lots in last week.

Silver prices outperformed gold with spot silver prices at COMEX rallied by 5.91% to $27.45 per ounce for the week. MCX Silver May futures rose 5.78% to Rs 71,429 per KG. The CFTC data showed that money managers increased their net long positions by 6098 lots in last week. The strong rally in industrial metals boosted buying in Silver on-demand growth optimism.

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