Commodities
Gold Surges Past $4,700 as US Treasury Announces Bond Buybacks
Gold prices surged to over $4,700 per ounce on Comex after the US Treasury announced higher buybacks of long-term government bonds. This move sent shockwaves through the market, causing gold prices to rise by $25.70 per ounce.
The news also boosted silver prices, which traded above $69 per ounce on Comex. However, despite the gains in both precious metals, silver futures were weak, trading down $0.37 per ounce at one point during the session.
On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,63,550 per 10 gram, while silver futures were around ₹2,46,150 per kg. Despite a weak start, gold futures on MCX eventually recovered, touching a high of ₹1,63,585 and a low of ₹1,62,001.