MTECHTIPS;-MCX Gold Up 5% In 2017, Silver Disappoints

MTECHTIPS;-MCX Gold Up 5% In 2017, Silver Disappoints

MTECHTIPS-Gold futures remained supported on Friday, ending the year with a six day win streak. Gold surged above the psychologically important $1300 mark to touch the highest since October. February gold rose $12.10, or 0.9%, to settle at $$1,309.30/oz. Gold has risen sharply at the end of year due to dollar weakness and expectations the Federal Reserve will keep interest rates on hold until later in the year. Silver also rallied, picking up 1% to $17.09. On an annual basis, the Precious metals had a mixed outing in 2017. MCX Gold prices witnessed a modest increase of 5.13% in the calendar year with steady gains emerging in last few weeks as traders eyed a recovery in demand in next year. The emergence of Bitcoins as a critical digital asset turned out to be the biggest factor for Gold this year. The Gold market also faced worrying demand trends in major retail markets like China, US and India. Silver mostly struggled with MCX prices witnessing a drop of 3% annually. The inability of the commodity to hold up despite massive gains in base metals could cap its allure in near term

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