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India Bullion: Up tailing COMEX on weak dollar; US data eyed

Informist, Thursday, Jun 2, 2022


By Chinmay Mungse


MUMBAI – GOLD and SILVER contracts were trading higher today on the Multi Commodity Exchange of India and COMEX as the dollar index slipped, boosting the demand for bullion.


* Gold prices on the domestic and international exchange hit a nine-day low on Wednesday, which triggered bargain buying and short coverings at lower levels, said Manoj Jain, research head at Prithvi Finmart.


* Recession fears and inflation concerns continued to boost the demand for bullion as an inflation hedge, driving the prices higher. “The bright metal also continues to benefit from the persistent concerns over surging inflation globally, which could temper the economic outlook,” said fxstreet.com in a report.


* Investors are waiting for the Automatic Data Processing Inc’s US private sector non-farm payroll data to be released later today and the official Bureau of Labour Statistics’s US non-farm payroll data on Friday. 


* “The US labour market is very tight, serving as a key argument for Fed rate hikes. Robust data today could push rate hike expectations further up and put pressure on the gold price again,” said Commerzbank AG.


* At 1656 IST, the most-active contracts of bullion were:
   –August gold was up 0.4% at 51,050 rupees per 10 gm on MCX
   –August gold was up 0.6% at $1,859.3 an ounce on COMEX
   –July silver was up 0.8% at 62,100 rupees per kg on MCX
   –-July silver was up 1.1% at $22.15 an ounce on COMEX


* Outlook for the evening session:
   –MCX gold seen at 50,550-51,000 rupees,
   –COMEX gold seen at $1,840-$1,870
   –MCX silver seen at 61,100-61,900 rupees
   –COMEX silver seen at $21.55-$22.20




US$1 = 77.60 rupees

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


Edited by Sushmita Mukherjee



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Source: Cogencis

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