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Sunday, January 29, 2023

India Bullion: Gold flat on MCX, COMEX due to lack of fresh triggers

Informist, Thursday, Dec 29, 2022


By Chinmay Mungse


MUMBAI – GOLD contracts on the Multi Commodity Exchange of India and COMEX were flat today due to a lack of fresh triggers in the international markets. 


* Lacklustre trading volumes due to the holiday season in the US, UK and other countries kept bullion prices in a tight range this week. 


* “After the Christmas holidays, market traders are silent ahead of the New Year holidays, and waiting for fresh fundamentals to give a directional move to precious metal prices,” said Manoj Jain, research head at Prithvi Finmart. 


* Investors and market participants are now eyeing the US weekly jobless claims data, which is due for release later today. According to a poll by Dow Jones, the unemployment claims in the US are expected to rise to 223,000 for the week ended Friday from 216,000 in the week ended Dec 17. 


SILVER contracts on the MCX and COMEX were trading higher today as a softer dollar against a basket of major currencies boosted the demand for the precious metal. 


* At 1700 IST, the most-active contracts of bullion were:

   –February gold was flat at 54,756 rupees per 10 gm on MCX
   –February gold was flat at $1,812.8 an ounce on COMEX
   –March silver was up 0.3% at 69,184 rupees per kg on MCX
   –-March silver was up 0.1% at $24.03 an ounce on COMEX


* Outlook for the evening session:

   –MCX gold seen at 54,450–55,100 rupees per 10 gm
   –COMEX gold seen at $1,808–$1,830 an ounce
   –MCX silver seen at 68,050-69,970 rupees per kg
   –COMEX silver seen at $23.79-$24.23 an ounce





US$1 = 82.79 rupees

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


Edited by Maheswaran Parameswaran



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Source: Cogencis

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