Gold, silver sign off April on positive note

The near-term outlook for MCX Silver too is positive.

After three consecutive months of losing streak, the precious metals closed on a positive note for April 2021. The weakening of the U.S. dollar and the drop in the U.S. Treasury yields played a key role in pushing the precious metals to higher levels in April. As a result, Comex gold gained 3% in April to close at $1,767.7 an ounce. The rise in Comex silver was much sharper, with the white metal gaining 5.5% to settle at $25.88 an ounce at the end of April. Mirroring the global trend, MCX gold futures gained 4% to close at ₹46,737 per 10-grams. MCX silver futures gained 5.7% to settle at ₹68,366 per kilogram at the end of April. The comex gold price achieved the target of $1,785-1,800 zone mentioned last month. The short-term outlook for comex gold remains positive. A close above $1,800 level would strengthen this view. Above $1,800, Comex gold could head to the next target at $1,845-1,855 zone.