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India Bullion: MCX gold flat; down on COMEX on profit booking

Informist, Thursday, Jan 20, 2022

 

By Chinmay Mungse

 

MUMBAI – GOLD contracts on the Multi Commodity Exchange of India were flat today as losses tracking the benchmark COMEX contracts were offset by the rupee’s weakness against the US dollar.

 

* A weaker rupee makes the greenback-denominated currency expensive for Indian investors.

 

* Gold contracts on COMEX were trading in the red as investors booked profits after prices hit a two-month high of $1,844 per ounce on the exchange earlier today. 

 

* “Investors flocked to gold contracts due to rising global inflation concerns and escalating geopolitical tension between Russia and Ukraine which boosted the safe-haven appeal of the precious metal,” said Ajay Kedia, research head at Kedia Comtrade.

 

* “The US warned that Russia may soon launch an attack on Ukraine which boosted buying in gold as a safe-haven asset,” said Tapan Patel, senior analyst at HDFC Securities.

 

* A rise in the dollar index and higher US Treasury bond yields pressured gold prices in the international market while mounting inflation worries kept the downside to the prices capped.

 

* At 1823 IST, the most-active contracts of bullion were:
   –February gold was flat at 48,403 rupees per 10 gm on MCX
   –February gold was down 0.2% at $1,839.3 an ounce on COMEX
   –March SILVER was up 0.1% at 64,486 rupees per kg on MCX
   –-March silver was down 0.2% at $24.19 an ounce on COMEX

 

* Outlook for the evening session:
   –MCX gold seen at 48,100-48,700 rupees
   –COMEX gold seen at $1,820-$1,852
   –MCX silver seen at 63,455-65,510 rupees
   –COMEX silver seen at $23.68-$24.52

 

End

US$1 = 74.50 rupees

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

 

Edited by Maheswaran Parameswaran

 

 

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. 2022. All rights reserved.

Source: Cogencis

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