Gold at 7-week high: Here's why prices are going up

Gold and silver continue to trade in the positive. Gold is at a 7-week high and silver at a 4-week high. The past week has been quite positive because of the price movements here.

As economic data has been on the stronger side, on charts gold and silver have continued to see some buying. We have seen the US dollar decline, US treasury yields have come off their highs and that has been supportive. The rising COVID cases have also led to some support.

Peter McGuire, CEO of XM Australia spoke to CNBC-TV18 to give his take on gold and silver.