Silver too staged a comeback and ended Rs 150 higher at Rs 38,000 per kg. Bullion traders said sentiment turned upbeat on firm global cues as the dollar fell after US Federal Reserve officials made cautions comments on the outlook for interest rate hikes, providing boost to dollar pegged commodities.
Moreover, wedding season buying by local jewellers to meet demand from retailers at domestic spot markets fuelled the uptrend, they added. Globally, gold ended the week higher at $1,222.10 an ounce as against last week’s level of $1,210.40. Silver too advanced to $14.49 an ounce from $14.25 an ounce.
Oil prices rose on Monday as traders expected top exporter Saudi Arabia to push producer club Opec to cut supply towards the end of the year. Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world’s two biggest economies, the United States and China.
Front-month Brent crude oil futures, the international benchmark for oil prices, were trading at $67.29 per barrel at 0045 GMT, up 53 cents, or 0.8 per cent, from their last close.
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