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India Bullion: MCX gold down on profit booking, firm rupee vs dollar

Informist, Tuesday, Oct 26, 2021

 

By Chinmay Mungse

 

MUMBAI – Gold contracts on the Multi Commodity Exchange of India were trading lower today as investors resorted to profit booking after a two-day upward rally in prices of the precious metal, said analysts.

 

* A firm rupee against the dollar also weighed on domestic prices. A stronger rupee makes commodities priced in the greenback cheaper to import for Indian investors.

 

SILVER contracts on the MCX were also down today tracking losses in benchmark COMEX contracts.

 

* “We are currently seeing profit booking in GOLD as prices had touched an 11-week high on Monday, which had prompted investors to start selling the asset,” said Ajay Kedia, senior analyst at Kedia Capital Services. Gold had touched an 11-week high of 48,299 rupees per kg on Monday.

 

* The US Consumer Confidence Index, new home sales data and the Richmond Manufacturing Index are scheduled to be released later today. “Positive tone in these indices would be supportive for the US dollar and bearish for the yellow metal,” said Kedia.

 

* At 1625 IST, the most active contracts of bullion were:   

   –December gold down 0.2% at 48,079 rupees per 10 gm on MCX
   –December gold down 0.1% at $1,804.3 an ounce on COMEX
   –December silver down 0.6% at 65,755 rupees per kg on MCX
   –-December silver down 0.7% at $24.41 an ounce on COMEX 

 

* Outlook for the evening session by Prithvi Finmart:
   –MCX gold seen at 48,000-48,500 rupees
   –COMEX gold seen at $1,784-$1,832
   –MCX silver seen at 64,500-67,700 rupees
   –COMEX silver seen at $24.10-$24.88

 

 

End

US$1 = 74.95 rupees

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

 

Edited by Pranav S. Joshi

 

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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