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

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


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




US$1 = 82.84 rupees

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


Edited by Vandana Hingorani



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.


Informist Media Tel +91 (22) 6985-4000 

Send comments to [email protected]


© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis



Please enter your comment!
Please enter your name here