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Friday, September 30, 2022

India Bullion: Gold down on MCX, flat on COMEX on mixed cues

Informist, Friday, Jul 15, 2022

 

By Chinmay Mungse

 

MUMBAI – GOLD contracts on the Multi Commodity Exchange of India fell today, tracking overnight losses on benchmark contracts on COMEX. 

 

* Benchmark GOLD contracts on COMEX were flat today as positive cues from a pullback in the US dollar index were offset by rising expectations of an aggressive interest rate hike by the US Federal Reserve.

 

* Higher US consumer price inflation in June stoked market expectations of a 100-basis-point interest rate hike by the US Fed in its July meeting, dulling demand for the precious metal.

 

* “Gold prices extended downside on expectations that US Fed will go for aggressive rate hikes in its upcoming meeting to tackle record inflation,” said Tapan Patel, senior analyst at Reliance Securities.

 

* However, the US dollar index took a breather after climbing to a two-decade high of 109.29 on Thursday.

 

* Lower level buying in the most-active August gold contract also limited the downside in gold prices. The most-active August gold contract touched an 11-month low of $1,695 per ounce on Thursday, which invoked a ‘buy-on-dip’ sentiment.

 

* At 1714 IST, the most-active contracts of bullion were:
   –June gold was down 0.3% at 50,084 rupees per 10 gm on MCX
   –June gold was flat at $1,704.9 an ounce on COMEX
   –July SILVER was down 0.1% at 54,982 rupees per kg on MCX
   –-July silver was up 0.7% at $18.35 an ounce on COMEX

 

* Outlook for the evening session:
   –MCX gold seen at 49,800-50,500 rupees
   –COMEX gold seen at $1,685-$1,720
   –MCX silver seen at 54,480-55,720 rupees
   –COMEX silver seen at $17.79-$18.42.

 

End

 

US$1 = 79.88 rupees

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

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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