Gold and silver prices moved a bit on the higher side on Monday after a sharp fall last week in Indian markets. On MCX, gold rates were up 0.6 per cent to Rs 47,004 per 10 gram while silver rose 0.6 per cent to Rs 68,789 per kg.
Gold ETF holdings continued with outflow as holdings at SPDR Gold Shares declined to 1,017 tonnes from previous week’s 1,020 tonnes. The CFTC data showed that money managers decreased their net long positions by 6146 lots in last week.
Commodity prices traded mixed during the week passed by with Bullion prices witnessed decline for the second week with risk on sentiments. Base metals continued to trade higher with Nickel rallying the most followed by Copper and Lead on a strong demand outlook. Crude oil prices traded higher on demand, growth prospectus.
Gold prices in India after hitting a record high of Rs 56,200 in August last year has seen a sharp fall from those levels.
In international markets, gold rates were today flat, pressured by a stronger dollar. Spot gold was trading at $1,770.66 per ounce while silver was steady at silver $25.90 per ounce. A stronger dollar index makes gold more expensive for other currency holders.