Gold and Silver Prices Rise for Third Straight Week Amid Weaker US Dollar
Gold and silver prices surged for a third consecutive week, supported by a weaker US dollar and easing expectations of a Federal Reserve rate hike. The US Treasury's decision to double its long-dated bond buybacks pushed long-term bond yields lower, boosting demand for precious metals.
At the Multi Commodity Exchange (MCX), gold futures for the October contract rose 5.1% 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 percent 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 percent during the week to settle at 4,645.1 dollars per troy ounce. Silver futures for the September contract jumped 6.8% over the week to end at 69.53 dollars per troy ounce.