In the bullion market, gold and silver prices faced sustained pressure during the week, weighed down by hotter-than-expected US inflation data and the European Central Bank’s decision to raise interest rates, which reinforced expectations of a prolonged rate-hike cycle.
However, on the final trading day of the week, precious metals rebounded after US President Donald Trump called off planned airstrikes on Iran. Optimism surrounding a possible peace deal between Washington and Tehran sparked a strong relief rally. Despite the sharp gains on the last trading day, gold and silver prices were unable to offset their earlier losses and still ended the week in negative territory.
At the Multi Commodity Exchange, Gold futures for the August contract shed 3.2 per cent during the week to settle at 1,50,528 rupees per 10 grams. Meanwhile, Silver futures for the July contract dropped nearly one per cent over the week to close at 2,46,186 rupees per kilogram.
At the Commodity Exchange (COMEX), Gold futures for the August contract slipped 2.9 per cent during the week to settle at 4,239 dollars per troy ounce. Silver futures for the July contract lost 1.6 per cent over the week to end at 67.97 dollars per troy ounce.
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