In the bullion market, gold and silver prices fell sharply over the week after stronger-than-expected US employment data fueled expectations that the Federal Reserve could maintain a tight monetary policy stance. The strengthening US dollar and rising bond yields also exerted pressure on precious metals.
At the Multi Commodity Exchange, Gold futures for the June contract shed 2.2 per cent during the week to settle at 1,52,158 rupees per 10 grams. Meanwhile, Silver futures for the July contract plunged 6.9 per cent over the week to close at 2,48,537 rupees per kilogram.
At the Commodity Exchange (COMEX), Silver futures for the July contract tumbled 8.9 per cent to end at 69.10 dollars per troy ounce. Gold futures for the August contract slipped almost five per cent during the week to settle at 4,365 dollars per troy ounce.
