Commodity prices traded lower with most of the commodities in the non-agro segment ended lower during the week as stronger dollar and recession fears discouraged demand. Bullion prices declined on aggressive FED despite record inflation. Base metals traded weak on China lockdown and demand growth concerns. Crude oil prices declined by more than 9% as recession fears triggered selling from traders.
Gold prices traded higher with spot gold prices at COMEX raise by more than 1% to $1872 per ounce for the week. Gold August futures at MCX gained by 0.77% to Rs. 51701 per 10 gram along with rupee depreciation. The spot rupee fell by 0.27% at 77.84 against the dollar for the week hitting all-time low. At MCX, Gold August prices have near term resistance at Rs. 51800 per 10 grams and support at Rs. 50200 per 10 gram.
While, Silver prices ended down with spot silver prices at COMEX fell by 0.99% to $21.67 per ounce for the week. MCX Silver July futures lost 1.60% and ended at Rs. 60937 per kg for the week. Silver prices traded under pressure during the week on weaker demand for industrial metals on recession fears. MCX Silver July has important resistance at Rs. 63800 per kg and support at Rs. 59200 per kg.
However, the recession fears and record inflation has restricted down side in the precious metals prices. The safe haven buying in dollar and bonds has capped demand for non-interest bearing assets like gold and silver.