Gold rates and silver rates in India are trading higher on August 21, as the global bullion market is on the path of recording third weekly gains.
MCX gold reclaimed its Rs 1.60 lakh per 10 grams mark, while MCX silver crossed Rs 2.45 lakh per 1Kg level.
In the global front, spot gold is traded above $4,530 per ounce and spot silver surged over 1% to trade near $69 per ounce. Both the precious metals are set to hit third consecutive weekly surge as demand for safe haven assets improve despite rising oil prices.
Crude oil prices witnessed a mild setback on Friday but they still traded near elevated zone. US WTI crude is above $86 per barrel and Brent crude is near $94 per barrel.
Treasury yields have also corrected alongside dollar, after the Treasury Department announced plans to at least double its long-term debt buybacks in an effort to contain borrowing costs, driving Treasury yields and the dollar sharply lower. Gold held on to those gains even after Treasury yields reversed Wednesday’s decline amid concerns that the government’s efforts to rein in long-term borrowing costs may provide only a temporary solution. Meanwhile, oil prices extended their advance as the US prepares sweeping new economic sanctions against Iran. Elsewhere, gold remained supported by robust investment demand and continued central bank purchases, particularly from China, as per Trading Economics.