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India Bullion:Flat on MCX, firm rupee offsets Friday’s gains on COMEX

Informist, Monday, Dec 26, 2022

 

By Chinmay Mungse

 

MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India were flat today as gains tracking the rise in benchmark COMEX contracts on Friday were offset by a stronger rupee against the US dollar. 

 

* A stronger rupee against the US dollar makes greenback-denominated commodities, such as bullion, cheaper for Indian investors.

 

* Gold and silver contracts on COMEX rose on Friday as the US personal consumption expenditure index, the US Federal Reserve’s preferred gauge for inflation, showed signs of easing. The US PCE index rose just 0.1% on month in November as against an expected rise of 0.2%. Year-on-year inflation eased to a 13-month low of 5.5% in November from 6.1% in October. 

 

* Bullion prices are expected to stay range-bound today as COMEX markets are shut and due to absence of fresh triggers from the US. 

 

* Prices of gold and silver on the benchmark COMEX contracts were unavailable as the exchange is shut today for Boxing Day. The market will resume trade on Tuesday. 

 

* At 1658 IST, the most-active contracts of bullion were:

   –February gold was flat at 54,618 rupees per 10 gm on MCX
   –February gold price was unavailable on COMEX as exchange shut. 
   –March silver was flat at 69,002 rupees per kg on MCX
   –-March silver price was unavailable on COMEX as exchange shut.

 

* Outlook for the evening session:

   –MCX gold seen at 54,550–54,900 rupees per 10 gm
   –MCX silver seen at 68,800-69,300 rupees per kg
 

 

 

End

US$1 = 82.65 rupees

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

 

Edited by Maheswaran Parameswaran

 

 

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 /+91 (11) 4220-1000

Send comments to [email protected]

 

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

 

Source: Cogencis

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