Informist, Tuesday, Dec 27, 2022
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India and COMEX were trading higher today as the US dollar softened against a basket of major currencies.
* Reopening of China’s borders also supported sentiment. Chinese authorities will ease the quarantine norms for passengers entering the country from Jan 8.
* However, the news of easing restrictions also led to fear of a further spike in COVID-19 cases in China that boosted demand for the precious metal as a safe-haven asset. “China’s easing COVID-19 linked activity restrictions and the People’s Bank of China’s heavy liquidity injections keep the gold buyers hopeful,” said fxstreet.com in a report.
* Analysts expect the trade volumes to be thin for the rest of the week due to the holiday season in international markets.
* At 1648 IST, the most-active contracts of bullion were:
–February gold was up 0.3% at 54,855 rupees per 10 gm on MCX
–February gold was up 0.7% at $1,817.4 an ounce on COMEX
–March silver was up 1.6% at 70,167 rupees per kg on MCX
–-March silver was up 2.2% at $24.44 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 54,700–55,100 rupees per 10 gm
–COMEX gold seen at $1,780–$1,835 an ounce
–MCX silver seen at 69,750-70,600 rupees per kg
–COMEX silver seen at $23.90-$24.55 an ounce
End
US$1 = 82.84 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vandana Hingorani
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