MCX Gold extends break above Rs 47,000

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COMEX Gold tanked near a two and half month low near $1750 per ounce following a sharp surge in the US dollar before witnessing some bargain buying this week. Gold witnessed some buying support as the US 10-year bond yields continued stay slippery ahead of the release of the US nonfarm payrolls. However, the gains in the commodity were capped amid record high US equities. COMEX Gold futures ended just under $1790 per ounce. Local Gold markets tracked cues from the Indian rupee as the domestic currency fell against the dollar tracking fresh gains in the dollar index overseas. The American currency hit a fresh three-month high versus other major currencies. The Rupee tested a two-month low of 74.88 per US dollar.

MCX Gold futures ended at Rs 47399 per 10 grams, breaking above Rs 47K though worries over local retail demand stayed in place.

Weekly Silver Review

COMEX Silver futures spiked impressively in this week, jumping above $26 per ounce as rising demand for electric vehicles and generally supportive undertone in global equities boosted the white metal. The MCX Silver futures ended above Rs 70000 per kg though local retail buying remained in a fix. The white metal is focussing on a continued drop in COMEX Silver inventory.