Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said gold traded within a narrow range last week and recorded modest gains of nearly 0.40% on the MCX, settling close to Rs 1,58,670 per 10 grams.
He noted that crude oil witnessed sharp profit booking during the week, with prices correcting nearly 7% from recent highs, which helped ease some global inflation concerns.
Trivedi also pointed out that the rupee recovered from weaker levels near 97 against the US dollar to strengthen around 95.70, limiting the upside in domestic gold prices despite relatively stable global bullion trends.
In international markets, Comex gold futures declined 1% for the week to close at $4,523.2 per ounce, while silver futures fell almost 2% to settle at $76.20 per ounce.
