On a weekly basis, spot gold prices declined around 0.4 percent on the back of dollar strength. As a stronger dollar makes dollar denominated commodities look expensive for the holders of the other currencies.
The yellow metal touched a low of $1703/oz and closed its trading session at the level of $1718/oz last week.
However, MCX Gold April contract rose around 2 percent last week due to a weaker Rupee and closed at Rs28,274/10 gms after touching high of Rs28,511/10 gms.
Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose around 0.2 percent to 1,278.65 tonnes by 10th February 2012 from the previous level of 1,277.13 tonnes on 3rd February.
Silver
Taking cues from fall in gold prices and dollar strength, spot silver declined around 0.4 percent in the last week. Silver being an industrial metal also took cues from downside in base metals pack.
The white metal touched a low of $32.97/oz during the week and closed at the level of $33.5/oz on Friday. On the MCX, Silver March contract gained sharply by 1.3 percent last week on account of depreciation in the Indian Rupee. The white metal touched a high of Rs57,777/kg during the week and closed at Rs56,915/kg on Friday.
Holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, rose sharply by 0.5 percent to 9700.53 tonnes on 10th February 2012 from the previous 9649.15 tonnes on 3rd February 2012.
Courtesy: Angel Commodities
Looking for Trading Advisories? Visit tips.commodityonline.com
