Spot Gold prices increased a whopping 4.3 percent in the last week and touched a high of $1738/oz. In the Indian markets prices rose only 1.9 percent as Rupee appreciation capped gains in the yellow metal.
On a weekly basis, prices on the MCX February contract touched a high of Rs28,084/10gm and closed the week below the Rs28,000/10gm mark.
Latest announcement by the Federal Reserve to maintain record low interest rates till late 2014 came as a negative factor for the dollar, which supported upside in gold prices in the international markets.
Another factor that aided further upside in prices was the indication given by the Fed over a third round of quantitative easing program.
Silver
Spot silver prices surged 5.5 percent last week taking cues from rise in gold prices coupled with weakness in the US dollar. Silver being an industrial metal also took cues from upside in base metals.
The white metal hit a high of $33.93/oz and ended its trading session at the level of 33.86/oz in the last week. On the MCX, Silver March contract rose 4.3 percent as further gains were capped due to appreciation in the Indian Rupee last week.
Courtesy: Angel Commodities
Looking for Trading Advisories? Visit tips.commodityonline.com
