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Friday, September 30, 2022

India Bullion:Up on MCX; gold flat on COMEX due to low trade volumes

Informist, Monday, May 30, 2022


By Chinmay Mungse


MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India were slightly higher today, tracking overnight gains in benchmark contracts on COMEX.


* GOLD contracts on the COMEX were flat today due to low trade volumes as US markets are closed today on account of Memorial Day. 


* As inflation in the US cooled in April, analysts expect the US Federal Reserve to ease its aggressive stance. The US personal consumption expenditure index showed inflation at 6.3% on year in April, lower than 6.6% in March.


* “Investors continue assessing the China COVID easing optimism and subsiding aggressive Fed’s tightening bets against signs of slowing in the US economy. Therefore, gold price is seen fluctuating between gains and losses,” fxstreet.com said in a report.


* Disappointing macroeconomic data from the US lifted demand for safe-haven assets. US consumer sentiment tumbled to 58.40 in May from 65.50 the previous month, the lowest in nearly 11 years due to worries about inflation.


* At 1752 IST, the most-active contracts of bullion were:
   –June gold was up 0.1% at 50,970 rupees per 10 gm on MCX
   –June gold was flat at $1,854.8 an ounce on COMEX
   –July silver was flat at 62,137 rupees per kg on MCX
   –-July silver was up 0.1% at $22.12 an ounce on COMEX


* Outlook for the evening session:
   –MCX gold seen at 50,800- 51,400 rupees,
   –COMEX gold seen at $1,840-$1,870
   –MCX silver seen at 61,770-62,670 rupees
   –COMEX silver seen at $21.86-$22.40.




US$1 = 77.54 rupees

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


Edited by Avishek Dutta


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Source: Cogencis

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