Informist, Wednesday, Sep 29, 2021
By Sayantan Sarkar
MUMBAI – GOLD futures rebounded on the Multi Commodity Exchange of India and COMEX today from a seven-week low on Tuesday as yields on US treasury bills retreated.
* Yields on US Treasury bills eased from a three-month high today, which boosted demand for gold.
* Further, data showed that China’s gold imports have significantly improved from last year’s slump, which added to the bullish sentiment in the market today. According to Commerzbank AG, cumulative gold imports by China since January amounted to 142 tn.
* US consumer confidence index for September slipped to a seven-month low, which indicated that the recent surge in COVID-19 cases is slowing down the economy and supporting safe-haven demand, said Angel One Commodities.
* Meanwhile, SILVER prices fell today due to poor industrial demand from China. Silver is used as an industrial metal. The dollar’s strength against major currencies also weighed on demand as it makes the commodity more expensive for holders of other currencies.
* At 1723 IST, the most active contracts of bullion were:
–October gold up 0.2% at 45,921 rupees per 10 gm on MCX
–December gold up 0.4% at $1,743.2 an ounce on COMEX
–December silver down 0.6% at 60,126 rupees per kg on MCX
–-December silver down 0.6% at $22.33 an ounce on COMEX
* Outlook for the evening session by Angel One Commodities:
–MCX gold seen at 45,400-46,710 rupees
–COMEX gold seen at $1,728-$1,756
–MCX silver seen at 59,100-61,450 rupees
–COMEX silver seen at $22.12-$22.78
End
US$1 = 74.15 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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