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Wednesday, August 10, 2022

India Bullion:Up on MCX, COMEX as US bond ylds slip ahead of GDP data

Informist, Wednesday, Jun 29, 2022


By Chinmay Mungse


MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India and COMEX were trading higher today as yields on the US treasury bill slipped ahead of the US GDP data release, due later in the day. 


* Analysts expect the US GDP for Jan-Mar to shrink by 1.5%, something that could boost demand for precious metals.


* If US GDP shrinks for the year through May, yellow metal prices may rise as the US Federal Reserve will have to scale down its aggressive rate hikes to avoid recession, said Ajay Kedia, research head at Kedia Comtrade.


* Investors await the US Personal Consumption Expenditure Index data release on Thursday to gauge the US Federal Reserve’s stance on inflation. The measure is expected to increase 4.7% on year through May, but lower than April’s increase of 4.9% on year.


* Investors also await US Fed Chair Jerome Powell’s commentary at the European Central Bank’s forum today. “We can expect some more hints on the US Fed’s stance where he may emphasise on the need to adopt more rate hikes to control inflation,” said Tapan Patel, a senior analyst at HDFC Securities.


* At 1650 IST, the most active contracts of bullion were:
   –August gold was up 0.3% at 50,982 rupees per 10 gm on MCX
   –August gold was up 0.3% at $1,827.4 an ounce on COMEX
   –July SILVER was up 0.2% at 59,640 rupees per kg on MCX
   –-July silver was up 0.5% at $20.93 an ounce on COMEX


* Outlook for the evening session:
   –MCX gold seen at 50,500-51,100 rupees,
   –COMEX gold seen at $1,810-$1,840
   –MCX silver seen at 59,200-61,220 rupees
   –COMEX silver seen at $20.55-$21.50




US$1 = 78.96 rupees

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


Edited by Deepshikha Bhardwaj



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Source: Cogencis

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