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Saturday, February 24, 2024

India Bullion: Gold flat on lack of fresh cues; up 15% on MCX in 2022

Informist, Friday, Dec 30, 2022


By Sandeep Sinha


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


* Volume is likely to be thin as most of the traders are away for the festive season. 


* “MCX gold is up by around 15% this year due to the sharp depreciation in the rupee against the dollar. However, COMEX gold is set to end the year flattish after having a bumpy ride the whole of 2022. Although consumer demand and central bank demand were strong in 2022, investment demand turned out to be weak,” said Ravindra Rao, head of research at Kotak Securities. 


* “The prospects of the Fed pivot to a slower pace of rate hikes, coupled with a looming global recession might support gold in 2023”, Rao added. 


* Volatility is expected to be lower as no major data is set to be released from the US.


SILVER contracts on the MCX and COMEX traded lower today due to profit-taking. A surge in COVID-19 cases in China offset investor optimism over the reopening of the economy, which weighed on silver prices.


* At 1755 IST, the most-active contracts of bullion were:

  –February gold was flat at 54,958 rupees per 10 gm on MCX

  –February gold was flat at $1,840.8 an ounce on COMEX

  –March silver was 0.4% lower at 69,520 rupees per kg on MCX

  –-March silver was down 0.5% at $24.29 an ounce on COMEX


* Outlook for the evening session:

  –MCX gold seen at 54,550–55,280 rupees per 10 gm

  –COMEX gold seen at $1,815–$1,845 an ounce

  –MCX silver seen at 68,720-70,100 rupees per kg

  –COMEX silver seen at $23.70-$24.20 an ounce




US$1 = 82.72 rupees

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


Edited by Vidhi Verma


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Source: Cogencis

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