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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



US$1 = 81.79 rupees

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


Edited by Manisha Baxla


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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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Source: Cogencis

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