Weakness in the US dollar led spot gold prices to trade higher in yesterday’s trading session, as a weaker dollar makes dollar denominated commodities look cheaper for the holders of the other currencies.
The yellow metal touched an intra-day high of $1733/oz and ended its trading session at the level of $1721/oz on Monday.
On the MCX, Gold April contract witnessed a fall of around 0.5 percent yesterday on account of appreciation in the Indian Rupee.
The yellow metal touched an intra-day low of Rs28,018/10 gms and closed at Rs28,119/10 gms on Monday.
Silver
Spot silver prices rose around 0.7 percent in yesterday’s trading session mainly taking cues from dollar weakness coupled with rise in gold prices.
The white metal touched an intra-day high of $34.01/oz and ended its trading session at the level of $33.7/oz on Monday.
However, MCX Silver March contract declined around 0.4 percent yesterday on the back of a stronger Rupee. The white metal touched an intra-day low of Rs56,433/kg and closed at Rs56,664/kg on Monday.
Courtesy: Angel Commodities
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