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Tuesday, October 26, 2021

India Bullion: Rises on MCX on gains in COMEX, US inflation worries

Informist, Thursday, Oct 14, 2021

 

By Chinmay Mungse

 

MUMBAI – GOLD contracts rose on the Multi Commodity Exchange of India today tracking the parent contracts on COMEX after CPI inflation in the US rose 5.4% on year in September, which boosted the demand for the yellow metal.

 

SILVER contracts also rose on the MCX today tracking the gains on COMEX. 

 

* The US dollar has weakened against a basket of major currencies which gave a push to bullion prices.

 

* “The US 10-year treasury yields have dipped which has affected the gold price positively. We are also witnessing increased demand in gold in the Indian and Chinese market,” said Ajay Kedia, head of research at Kedia Capital.

 

* Meanwhile, gold holdings with SPDR Gold Trust fell by 2.33 tn on Wednesday to 982.72 tn, according to data on the website of the world’s largest gold exchange-traded fund. Silver assets with iShares Silver Trust remained steady at 16,987.04 tn for the third consecutive day.

 

* At 1600 IST, the most active contracts of bullion were:
   –December gold up 0.2% at 48,020 rupees per 10 gm on MCX
   –December gold up 0.3% at $1,800 an ounce on COMEX
   –December silver up 0.7% at 63,330 rupees per kg on MCX
   –-December silver up 0.7% at $23.36 an ounce on COMEX 

 

* Outlook for the evening session by HDFC Securities:
   –MCX gold seen at 47,600-48,200 rupees
   –COMEX gold seen at $1,770-$1,800
   –MCX silver seen at 61,800-64,000 rupees
   –COMEX silver seen at $22.60-$23.90

 

End

 

US$1 = 75.26 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Aditya Sakorkar

 

Cogencis news is now Informist. 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.

 

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© Informist Media Pvt. Ltd. 2021. All rights reserved.

Source: Cogencis

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