MUMBAI, Feb 21: Gold prices surged 0.23 per cent during the week, amid renewed buying interest due to global macro-economic factors, safe haven demand and lack of directional cues from the US Federal Reserve.
On Friday, MCX gold February futures surged 0.07 per cent while MCX silver March futures added 4.41 per cent.
Currently gold futures stand at Rs 1,56,993, while silver futures at Rs 2,52,042 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,54,080 on Friday down from Rs 1,54,483 seen on Monday, according to data published by the India Bullion and Jewellers Association (IBJA).
The removal of additional margins in futures markets in domestic exchanges spurred higher speculative participation in the market and increased intraday activity, pushing prices higher.
The MCX and the NSE have withdrawn the additional margin of 3 per cent levied in Gold Futures and 7 per cent levied in Silver Futures in all contracts of all variants with effect from Thursday.
Analysts said that the commodities entered the week in a phase of controlled consolidation following sharp directional moves across energy and metals.
Structurally, metals continue to trade within rising channel frameworks, and market internals indicate absorption at higher levels in metals. they said.
Adding that the broader medium-term structure remains constructive. (IANS)
