Informist, Thursday, Sep 28, 2023
By Sayantan Sarkar
MUMBAI – Futures contracts of gold on the Multi Commodity Exchange were steady as positive cues tracking COMEX were offset by a stronger rupee against the dollar, which makes imports of dollar-denominated commodities cheaper.
On COMEX, GOLD and SILVER prices were in the green as the dollar depreciated against a basket of major currencies. A weaker dollar makes commodities priced in the greenback cheaper for overseas buyers, increasing demand.
Silver contracts on MCX rose, tracking gains on COMEX today.
Investors will now focus on an unemployment claims report from the US, due later today. The report is likely to indicate the health of the economy, showing the number of people filing for claims in the US last week.
A few officials of the US Federal Reserve have hinted at a possibility of further interest rate hikes in the US, which is likely to be bearish for bullion prices. As interest rates increase, it also makes loans costlier and reduces liquidity in the market.
Expectations of a 0.25% Fed rate hike are currently at 40%.
Investors are awaiting US personal spending data to assess inflation trends and anticipate policy directions, according to a report by Kedia Advisory.
At 1900 IST, following were the most active contracts of bullion:
-October gold was flat at 58,260 rupees per 10 gm on MCX
-December gold was up 0.2% at $1,894.85 an ounce on COMEX
-December silver was up 0.5% at 70,900 rupees per kg on MCX
–December silver was up 0.6% at $22.855 an ounce on COMEX
Outlook for the rest of the session:
-MCX gold seen at 57,085–58,745 rupees per 10 gm
-COMEX gold seen at $1,880–$1,915 an ounce
-MCX silver seen at 69,760-71,910 rupees per kg
-COMEX silver seen at $22.65-$22.90 an ounce
US$1 = 83.18 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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