On a weekly basis, spot gold prices declined sharply by 3.5 percent, marking its biggest weekly decline since December, on the back of dollar strength, as a stronger dollar makes dollar-denominated commodities look expensive for the holders of the other currencies.
Additionally, fall in crude oil prices decreased the inflation-led demand for gold which also affected the yellow metal prices last week.
Gold touched a low of $1687/oz and closed its trading session at the level of $1711/oz last week. On the MCX, Gold April contract dropped around 2.4 percent last week as further decline was cushioned on account of a weaker Rupee and closed at Rs27,985/10 gms after touching low of Rs27,730/10 gms.
Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose around 0.7 percent to 1,293.68 tonnes by 2nd March 2012 from the previous level of 1,284.61 tonnes on 24th February.
Silver
Taking cues from fall in gold prices and dollar strength, spot silver declined sharply by 1.8 percent in the last week.
Silver being an industrial metal also took cues from mixed movement in base metals pack. The white metal touched a low of $34.13/oz during the week and closed its trading session at the level of $34.75/oz on Friday.
On the MCX, Silver May contract dropped around 0.7 percent last week and sharp decline was resisted due to depreciation in the Indian Rupee. The white metal touched a low of Rs57,120/kg during the week and closed at Rs58,056/kg on Friday.
Holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, rose sharply by 0.8 percent to 9763.25 tonnes on 2nd March 2012 from the previous 9692.96 tonnes on 24th February 2012.
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Precious Metals Settle Lower on Firm US Dollar
Published 03/05/2012, 11:46 PM
Updated 05/14/2017, 06:45 AM
Precious Metals Settle Lower on Firm US Dollar
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