Informist, Monday, Nov 1, 2021
By Chinmay Mungse
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MUMBAI – GOLD contracts on the Multi Commodity Exchange of India were trading slightly higher today tracking the benchmark contracts on COMEX. Gold contracts on the COMEX were marginally up today ahead of the US Federal Reserve meeting, as markets consolidated after a fall in gold prices on Friday, said analysts.
* Gold prices had hit a 10-day low on MCX and COMEX on Friday after which, analysts believe, markets consolidated today despite a slightly stronger dollar earlier in the day.
* “Ahead of this week’s US Fed meeting, gold is expected to trade sideways to down with no major fluctuations in the prices,” said Manoj Jain, head of commodity research at Prithvi Finmart.
* Investors are eyeing the US Fed meeting scheduled for later this week, which will be crucial for the yellow metal. “Rising inflation worries might prompt central banks to tighten their monetary policies, which will be bearish for gold,” said Sriram Iyer, senior analyst at Reliance Securities.
* “The employment cost index in the US climbed noticeably more sharply than anticipated in the third quarter, which points to continuing inflation pressure,” said Commerzbank AG.
* Demand for the precious metal will increase in the domestic market this week as consumption generally increases during Diwali and Dhanteras.
* At 1647 IST, the most active contracts of bullion were:
–December gold up 0.02% at 47,639 rupees per 10 gm on MCX
–December gold up 0.2% at $1,787.6 an ounce on COMEX
–December SILVER flat at 64,503 rupees per kg on MCX
–-December silver flat at $23.96 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 47,300-48,000 rupees
–COMEX gold seen at $1,758-$1,804
–MCX silver seen at 63,700-65,220 rupees
–COMEX silver seen at $23.55-$24.20
End
US$1 = 74.86 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Snigdha Kuttikat
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