Gold and silver prices recover amid fall in crude oil prices

In the bullion market, gold and silver prices rebounded last week. The rise was supported by steep decline in crude oil prices over hopes of policy shifts following the US midterm elections. Meanwhile, concerns surrounding the global artificial intelligence sector also drove sharp flows from equity markets to commodity markets.

At the Multi Commodity Exchange (MCX), Gold futures for December contract gained nearly 2.7 percent to settle at 1 lakh 42 thousand 167 rupees per 10 grams during the week. Silver futures for December contract rose almost 3.2 percent to close at 1 lakh 84 thousand 787 rupees per kilogram.

Meanwhile, at the Commodity Exchange (COMEX), Gold futures for the December contract jumped 4.5 percent during the week to settle at 4,074.9 dollars per troy ounce. Silver futures for the December contract climbed 5.4 percent over the week to end at 51.94 dollars per troy ounce.