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India Bullion: Gold dn on MCX, COMEX on profit booking, firm dollar

Informist, Wednesday, May 25, 2022


By Chinmay Mungse


MUMBAI – GOLD contracts on the Multi Commodity Exchange of India and COMEX were trading lower today as investors resorted to profit booking after four straight days of gains.


* A pullback in the US dollar index from the recent lows also dented the demand for the precious metal, pressuring prices in the international markets.


* Investors also turned away from the yellow metal ahead of the release of the minutes of US Federal Reserve’s May meeting later in the day. Analysts are expecting the minutes to indicate towards the central bank’s aggressive stance to control the rising inflation in the country.


* “Most of the Fed members have been hawkish when it comes to inflation. It is, therefore, expected that the meeting minutes will set an aggressive tone,” said Veeresh Hiremath, director at Finlit Consulting. 


* Investors and market participants will be looking for cues on the magnitude of the upcoming interest rate hikes from the US Fed, said analysts.


* At 1701 IST, the most-active contracts of bullion were:
   –June gold was down 0.3% at 50,990 rupees per 10 gm on MCX
   –June gold was down 0.7% at $1,852.9 an ounce on COMEX
   –July SILVER was down 0.9% at 61,436 rupees per kg on MCX
   –-July silver was down 1.2% at $21.77 an ounce on COMEX


* Outlook for the evening session:
   –MCX gold seen at 50,660- 51,330 rupees,
   –COMEX gold seen at $1,834-$1,866
   –MCX silver seen at 61,500-62,380 rupees
   –COMEX silver seen at $21.74-$22.48.




US$1 = 77.52 rupees

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


Edited by Tanima Banerjee



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Source: Cogencis

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