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Wednesday, February 1, 2023

India Bullion: MCX, COMEX gold dn on selloff after multi-month highs

Informist, Wednesday, Dec 28, 2022

 

By Chinmay Mungse

 

MUMBAI – GOLD futures on the Multi Commodity Exchange of India and COMEX were trading lower today due to a sell-off in the domestic and global markets after the contracts hit multi-month highs on Tuesday. 

 

* A weak dollar and optimism around higher demand from top consumer China drove the most-active February gold contract on COMEX to a six-month high of $1,841.9 per ounce. The same-month contract on the domestic bourse rose to an 

eight-month high of 55,365 rupees per 10 gm. 

 

* The dollar pared losses and strengthened against a basket of currencies today, putting pressure on bullion prices. 

 

* Optimism surrounding reopening of China’s economy also faded, as US officials expressed dissatisfaction around COVID-19 numbers in China. According to reports, the US is considering imposing new COVID-19 restrictions for travellers from China, which dampened the sentiment.  

 

* “The reason for gold’s latest weakness could be linked to easing optimism surrounding China’s reopening as the US conveys dissatisfaction with the dragon nation’s virus numbers,” said fxstreet.com in a report. 

 

SILVER contracts on the MCX and COMEX were in the red today, under pressure from a stronger dollar. 

 

* At 1656 IST, the most-active contracts of bullion were:

   –February gold was down 0.5% at 54,712 rupees per 10 gm on MCX
   –February gold was down 0.6% at $1,811.3 an ounce on COMEX
   –March silver was down 0.7% at 69,299 rupees per kg on MCX
   –-March silver was down 0.6% at $24.06 an ounce on COMEX

 

* Outlook for the evening session:

   –MCX gold seen at 54,900–55,300 rupees per 10 gm
   –COMEX gold seen at $1,790–$1,815 an ounce
   –MCX silver seen at 68,800-69,475 rupees per kg
   –COMEX silver seen at $23.60-$24.10 an ounce

 

End

US$1 = 82.86 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.

 

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Send comments to [email protected]

 

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

Source: Cogencis

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