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Saturday, February 4, 2023

India Bullion: Gold up on MCX on weak rupee; COMEX gold flat

Informist, Monday, Jan 23, 2023

 

By Chinmay Mungse

 

MUMBAI – GOLD contracts on the Multi Commodity Exchange of India traded higher today, supported by a weaker rupee against the dollar. A weaker rupee against the dollar makes the greenback-denominated commodity more expensive for Indian investors. 

 

* Benchmark gold contracts on the COMEX were flat today due to lack of fresh cues in the international markets. However, the bias to gold prices was positive as a weaker dollar against a basket of major currencies lent support. 

 

* Investors and market participants are awaiting the US GDP data for Oct-Dec, scheduled for a release on Thursday, for further impetus to bullion prices. Economists polled by Dow Jones forecast the US GDP grew by 2.8% in the December quarter. 

 

* “The trade volumes are also expected to be low this week due to holidays in the international as well as domestic markets,” said Sriram Iyer, senior analyst at Reliance Securities. “Gold contracts are expected to be range-bound today amid lack of fresh cues.” 

 

* The personal consumption expenditure index data, due for a release on Friday, is also expected to provide a direction to gold prices. According to a poll by Dow Jones, the core personal consumption expenditure inflation in the US is expected to have eased to 4.4% on year in December from a 4.7% on-year growth in November.

 

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

  –February gold was up 0.2% at 56,790 rupees per 10 gm on MCX

  –February gold was flat at $1,926.6 an ounce on COMEX

  –March SILVER was flat at 68,679 rupees per kg on MCX

  –-March silver was down 0.5% at $23.82 an ounce on COMEX

 

* Outlook for the evening session:

  –MCX gold seen at 56,200–57,000 rupees per 10 gm

  –COMEX gold seen at $1,900–$1,950 an ounce

  –MCX silver seen at 67,700-69,350 rupees per kg

  –COMEX silver seen at $23.95-$24.45 an ounce

 

 

End

US$1 = 81.39 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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