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Monday, March 23, 2015

Strong gains for bullions

Prices register big weekly gains too 


Bullion prices ended higher on Friday, 20 March 2015 at Comex. Gold futures climbed for a third straight session on Friday to tally a weekly gain of nearly 3% as a sharp drop in the U.S. dollar buoyed investment demand. 

Gold for April delivery on Comex rose $15.60, or 1.3%, to settle at $1,184.60 an ounce. Prices scored weekly gain of 2.8%, based on the most-active contracts. They settled at their highest level since March 5. 

May silver jumped 76.9 cents, or 4.8%, to end at $16.883 an ounce, with prices around 9% higher for the week. 

Gold futures posted increases over the previous two trading sessions. Late Wednesday, the Fed policy statement and Fed Chairwoman Janet Yellen were interpreted as signaling the central bank would raise rates more slowly than market participants had anticipated. 

On Friday, the ICE U.S. dollar index was down about 1.6%, and traded roughly 2.5% lower for the week. A weaker dollar often provides support for dollar-denominated commodities, including gold, as investors seek out alternative investments. 
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