Home Commodity Market News India Bullion: Rises on weak dollar, firm safe-haven demand

India Bullion: Rises on weak dollar, firm safe-haven demand

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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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Source: Cogencis

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