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Friday, February 3, 2023

India Bullion: Dn on MCX; COMEX gold flat before Fed Powell’s speech

Informist, Tuesday, Jan 10, 2023

 

By Chinmay Mungse

 

MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India traded lower today as the rupee rose against the dollar.

 

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

 

* Benchmark GOLD contracts on the COMEX were flat today as investors and market participants braced for US Federal Reserve Chair Jerome Powell’s speech later in the day. 

 

* The dollar index also pared losses from the previous session and rose 0.2% to 103.2 today. However, losses due to a firm dollar index were offset by rising bets that the central bank would slow down the pace of rate hike.

 

* “Gold traded steady as traders looked ahead to Powell’s speech for more clarity around the central bank’s rate hike plans,” Navneet Damani, senior vice-president and head research of commodities at Motilal Oswal Financial Services, said. 

 

* At 1709 IST, the most-active contracts of bullion were:

  –February gold was down 0.2% at 55,769 rupees per 10 gm on MCX

  –February gold was flat at $1,880.5 an ounce on COMEX

  –March silver was down 0.8% at 68,330 rupees per kg on MCX

  –-March silver was down 0.6% at $23.73 an ounce on COMEX

 

* Outlook for the evening session:

  –MCX gold seen at 55,560–55,920 rupees per 10 gm

  –COMEX gold seen at $1,866–$1,890 an ounce

  –MCX silver seen at 67,850-68,740 rupees per kg

  –COMEX silver seen at $23.54-$24.05 an ounce

 

End

US$1 = 81.79 rupees

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

 

Edited by Manisha Baxla

 

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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© Informist Media Pvt. Ltd. 2023. All rights reserved.

Source: Cogencis

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