Gold, silver prices gain for second consecutive week; will bullion prices mirror the up-trend again?

Commodity prices traded mixed during the week passed by with Bullion prices traded higher while crude oil futures witnessed heavy selling on-demand growth concerns. Base metals witnessed mixed trade keeping the lower trading range on a stronger dollar and weak equity indices over pandemic worries.

Gold prices traded higher with spot gold prices at COMEX rose by more than 1% to $1745.23 per ounce for the week. Gold prices at MCX ended over half a percent up at Rs 45,021 per 10 grams as stronger rupee capped upside. The spot rupee was up by 0.37% against the dollar for the week. Gold ETF holdings continued outflow as holdings at SPDR Gold Shares remained unchanged at 1052 tonnes during the week. The CFTC data showed that money managers increased net long positions by 12845 lots in last week. 

Silver prices traded higher with spot silver prices at COMEX rose by more than 1% to $26.24 per ounce for the week. MCX Silver May futures rose by 1% to Rs. 67527 per KG. The CFTC data showed that money managers decreased net long positions by 1764 lots in last week. Silver prices capped upside with selling in industrial metals on demand worries.