Informist, Thursday, Sep 30, 2021
By Sayantan Sarkar
MUMBAI – GOLD futures gained momentum today on Multi Commodity Exchange of India and COMEX after falling to seven-week lows on Tuesday. Analysts believe this is a temporary recovery since the market is already focused on the US Federal Reserve’s likely plans to taper asset purchases.
* SILVER prices in India have also risen today, mirroring the increase on COMEX.
* However, the price of bullion is expected to fall in the coming days as the forecast for US GDP growth by experts indicated a positive trend, which is likely to result in the dollar’s appreciation. Also, US Fed Chair Jerome Powell said that inflation in the country may remain above the target due to supply bottlenecks.
* “The market might see this as leading to a quicker reduction in bond purchases and earlier rate hikes,” Commerzbank AG said in a report.
* Meanwhile, silver assets with iShares Silver Trust fell by 15.8 tn on Wednesday to 16,827.39 tn, as per data on the website of the world’s largest silver exchange-traded fund.
* At 1755 IST, the most active contracts of bullion were:
–October gold up 0.1% at 45,645 rupees per 10 gm on MCX
–December gold up 0.5% at $1,730.9 an ounce on COMEX
–December silver up 0.3% at 58,658 rupees per kg on MCX
–-December silver up 0.7% at $21.64 an ounce on COMEX
* Outlook for the evening session by Angel One Commodities:
–MCX gold seen at 45,320-46,300 rupees
–COMEX gold seen at $1,719-$1,747
–MCX silver seen at 57,100-59,450 rupees
–COMEX silver seen at $21.12-$21.97
End
US$1 = 74.23 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
Cogencis news is now Informist. 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.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2021. All rights reserved.
Source: Cogencis
