Gold, silver prices rise for third consecutive week

In the bullion market, gold and silver prices extended their gains for a third consecutive week, supported by a weaker US dollar and easing expectations of an imminent Federal Reserve rate hike. Adding to the positive sentiment, the US Treasury’s decision to double its long-dated bond buybacks pushed long-term bond yields lower, which further boosted demand for precious metals.
At the Multi Commodity Exchange (MCX), Gold futures for the October contract surged 5.1 per cent during the week to settle at 1,62,438 rupees per 10 grams. Meanwhile, Silver futures for the September contract climbed four and a half per cent to close at 2,46,597 rupees per kilogram.
At the Commodity Exchange (COMEX), Gold futures for the October contract soared five and a half per cent during the week to settle at 4,645.1 dollars per troy ounce. Silver futures for the September contract jumped 6.8 per cent over the week to end at 69.53 dollars per troy ounce.