Informist, Thursday, Aug 31, 2023
By Sayantan Sarkar
NEW DELHI – Futures contracts of GOLD were flat on both the Multi Commodity Exchange of India and COMEX as investors wait for the release of key economic data from the US and China. SILVER on MCX was in the red, tracking contracts on COMEX as the dollar rose against a basket of major currencies.
Gold traders are likely to monitor the release of unemployment claims data from the US later today, along with personal consumption expenditure figures. On Friday, more data from the US is expected, including the non-farm payroll numbers.
China is also expected to release its manufacturing data on Friday. The US and China are the top two economies in the world.
Data from the US will provide more clues about the country’s economy. It could give the Federal Reserve impetus to raise interest rates once again, which is likely to be bearish for the yellow metal.
On Wednesday, the October gold contract on MCX rose to a more than three-week high, tracking gains in COMEX as consumer sentiment in the US deteriorated in August, increasing safe-haven demand for the precious metal.
According to experts, gold prices are taking a breather today before the release of key economic data.
Additionally, Craig Erlam, senior analyst at OANDA, sees $1,950 per ounce as a strong support for gold prices on COMEX.
At 1528 IST, the October gold contract on MCX had a traded volume of 1,167 lots, with a total value of 6.94 bln rupees, and the most-active December silver contract had a volume of 3,738 lots, with a value of 8.52 bln rupees.
Meanwhile, gold holdings with SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose by 870 kg to 890.10 tn on Wednesday.
At 1526 IST, following were the most active contracts of bullion:
-October gold was flat at 59,470 rupees per 10 gm on MCX
-December gold was flat at $1,971.05 an ounce on COMEX
-December silver was down 0.4% at 75,985 rupees per kg on MCX
–September silver was down 0.6% at $24.595 an ounce on COMEX
Outlook for the rest of the session:
-MCX gold seen at 59,130–59,666 rupees per 10 gm
-COMEX gold seen at $1,950–$1,975 an ounce
-MCX silver seen at 75,308-76,835 rupees per kg
-COMEX silver seen at $24.25-$25.20 an ounce
End
US$1 = 82.79 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Manisha Baxla
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
