Informist, Thursday, Oct 28, 2021
By Chinmay Mungse
MUMBAI – GOLD contracts on the Multi Commodity Exchange of India and COMEX were flat today ahead of the release of US GDP data for the quarter ended September later today. Investors are focusing on US advance GDP estimates, as they would be crucial to lend direction to the precious metal.
* On COMEX, gold prices got a boost earlier in the day as US treasury yields fell to a near two-week low of 1.52%. A dip in US treasury yields pushes up safe-haven demand for the precious metal.
* “Apart from the US bond yield, gold is also catching safe-haven demand due to the fresh outburst of the COVID-19 virus in Russia and China,” said Manoj Jain, research head at Prithvi Finmart.
* SILVER contracts on the MCX were trading lower as the rupee rose against the dollar. A stronger rupee makes commodities priced in the greenback less expensive.
* At 1633 IST, the most active contracts of bullion were:
–December gold up 0.05% at 47,986 rupees per 10 gm on MCX
–December gold up 0.2% at $1,801.7 an ounce on COMEX
–December silver down 0.2% at 65,051 rupees per kg on MCX
–-December silver down 0.2% at $24.15 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 47,750-48,340 rupees
–COMEX gold seen at $1,790-$1,820
–MCX silver seen at 64,600-66,200 rupees
–COMEX silver seen at $24.10-$24.80
End
US$1 = 74.92 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajendra Masur
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
