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Friday, January 27, 2023

India Bullion: Gold flat on MCX, down on COMEX ahead of US econ data

Informist, Friday, Dec 2, 2022


By Chinmay Mungse


MUMBAI – Gold futures contracts were flat today on the Multi Commodity Exchange of India as a fall tracking contracts on the COMEX was offset by a weaker rupee against the dollar.


* A weaker rupee makes the greenback-denominated commodity more expensive for Indian investors.


* GOLD contracts were slightly lower on COMEX as investors adjusted their net positions ahead of the US non-farm payroll data.


* According to a poll by Dow Jones, the non-farm payrolls data is expected to show that the US labour market added 200,000 jobs in November, lower than 261,000 jobs added in October.


* “If non-farm payrolls come on the lower side, then it is positive for gold, as it will pressurise the dollar index,” said Ravindra V. Rao, vice president and head of commodities research at Kotak Securities.


* A technical pullback from the four-month high of $1,818.7 per ounce hit earlier in the day also weighed on the yellow metal’s prices. However, a softer greenback against a basket of major currencies capped the losses in gold contracts on the international bourse.


* At 1716 IST, the most-active contracts of bullion were:

   –February gold was flat at 53,880 rupees per 10 gm on MCX
   –February gold was down 0.2% at $1,812.4 an ounce on COM
   –March SILVER was up 0.5% at 64,248 rupees per kg on MCX
   –-March silver was up 0.2% at $22.82 an ounce on COMEX


* Outlook for the evening session:

   –MCX gold seen at 53,750–54,150 rupees per 10 gm
   –COMEX gold seen at $1,788–$1,824 an ounce
   –MCX silver seen at 65,200-66,000 rupees per kg
   –COMEX silver seen at $22.42-$23.05 an ounce



US$1 = 81.31 rupees

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


Edited by Ashish Shirke


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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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Source: Cogencis

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