Gold prices begin week slightly up at ₹46,335, silver rises by over ₹400
Bullion began trading marginally high at the start of the last week of February. On Multi Commodity Exchange (MCX), gold futures rose by 0.3 per cent or ₹138 to ₹46,335 per 10 gram on Monday. Silver futures too witnessed an increase as it rose by 0.64 per cent or ₹439 to ₹69,451 per kg. Gold had closed at ₹46,197 per 10 gram, while silver closed at ₹69,012 per kg.
The yellow metal had hit the highest in August last year at ₹56,200 per 10 gram. Since then, the bullion has plummeted over ₹10,000 this year due to the rising Treasury yields, optimism around global economic recovery in wake of Covid-19 vaccination drives in various countries. Silver too had plummeted over ₹8,000 per kg from its record high in August 2020 of ₹77,800 last year.
Gold rates also rose marginally in the international market as the spot gold rate rose 0.1 per cent to $1,783.56 per ounce while US gold futures gained 0.4 per cent to $1,784.40, as reported by Reuters. Silver increased 1.1 per cent to $27.06 per ounce, while platinum that had hit a six-year high this month rose 0.8 per cent to $1,283.82.
The increase in the prices of the precious metals come on the back of a weaker dollar that is releasing the pressure of peaking US Treasury yields. "The dollar coming off is helping to negate the rise in Treasury yields. Gold is in a weird place... while there's clearly a need for inflation hedging, firming risk sentiment has pressured gold," Howie Lee, an economist at OCBC Bank, was quoted as saying by Reuters.
The interest on non interest yielding assets like gold had declined as the 10-year US Treasury yields hit an almost one year high.
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