MCX Gold Ends Week at Rs 1.54 Lakh After 1.04 Percent Gain
Gold prices stabilized after a volatile week, with MCX futures rising 1.04 percent to Rs 1.54 lakh as traders await new economic data.
Key points
- MCX gold futures rose 1.04 percent to close the week at Rs 1.54 lakh per 10 grams.
- Silver futures gained nearly 3 percent, ending at Rs 2.41 lakh per kilogram on the exchange.
- Global gold prices consolidated for a third straight week, closing at $4,424.9 per ounce.
MCX gold futures for October delivery closed at Rs 1.54 lakh per 10 grams last week. This marked a 1.04 percent rise, adding Rs 1,597 to the previous settlement price.
The metal started the week weak near Rs 1.50 lakh but recovered quickly. Analysts say bargain hunting at lower levels drove this rebound after earlier volatility.
Silver outperforms gold in weekly gains
Silver futures recorded a stronger weekly performance than gold. Prices jumped Rs 6,629 to finish at Rs 2.41 lakh per kilogram on the MCX.
Global silver prices also surged by 3 percent to reach $67.15 per ounce. This movement tracked broader industrial metal trends during the trading session.
Global gold consolidates near record highs
Comex gold futures for December delivery ended slightly higher at $4,424.9 per ounce. This marks the third consecutive week of steady price consolidation.
Investor demand stayed strong for seven to eight trading weeks. Continued inflows into gold exchange-traded funds supported these price levels globally.
Upcoming data drives next week direction
Traders will focus on mid-month manufacturing and services PMI readings next week. These figures will provide key clues about economic momentum in major markets.
The People's Bank of China is expected to announce its policy on Monday. Analysts cited by The Times of India predict rates will remain unchanged.
