Precious Metals Surge as US Dollar Weakens

The bullion market saw gold and silver prices rise for the third consecutive week due to a weaker US dollar and easing expectations of an imminent Federal Reserve rate hike.

This sentiment was further boosted by the US Treasury's decision to double its long-dated bond buybacks, which pushed long-term bond yields lower and increased demand for precious metals.

At the Multi Commodity Exchange (MCX), gold futures for the October contract surged 5.1 percent during the week to settle at 162,438 rupees per 10 grams. Silver futures for the September contract climbed four and a half percent to close at 246,597 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 per troy ounce. Silver futures for the September contract jumped six and eight-tenths percent over the week to end at $69.53 per troy ounce.