On Friday gold and silver prices experienced a decrease which led to their second consecutive weekly loss because global technology stocks experienced heavy selling while the stronger U. S. dollar reduced demand for safe-haven assets.

Gold opened lower on the Multi Commodity Exchange (MCX) by ₹1,098 which represented a 0.71% decline that brought the price to ₹1,51,948 per 10 grams from its previous closing price of ₹1,53,046. The decline mirrored weakness in global bullion markets amid a firm dollar.

Silver prices experienced persistent pressure. The current MCX silver price decreased by more than ₹1.75 lakh from its all-time high of ₹4,20,048 per kg which it reached last week showing that the market correction has reached an extreme point.

International markets showed that spot gold managed to recover from its initial losses but it still faced a weekly decline. Spot gold increased 0.4% to $4,790.80 per ounce but it experienced a 1.4% decline for the week. U. S. gold futures for April delivery moved down 1.7% to reach $4,806.50 per ounce according to Reuters.

The market experienced heightened selling activity. COMEX silver dropped more than 8% and traded around $70.25 per ounce while COMEX gold reached an intraday low of $4,671.14 after it briefly fell below $4,800 per ounce.

The market experienced negative impacts from the U. S. dollar which achieved a near two-week high as well as the decreasing trade tensions between the U. S. and China. Safe-haven asset demand decreased because these factors caused investors to start selling precious metals.

The analysts observed that gold and silver prices had a short rebound earlier this week which ended because investors started to book profits after reaching record prices. The upcoming period will bring continued pressure on precious metals until either geopolitical risks increase or the dollar experiences a decline.