Informist, Monday, Nov 15, 2021
By Sayantan Sarkar
MUMBAI – Bullion prices were in the red today in India and global markets as investors resorted to profit booking after contracts hit multi-month highs in the last couple of sessions.
* GOLD and SILVER prices had risen sharply in the past couple of sessions due to concerns over rising inflation in the US and as the consumer sentiment in the country declined to a 10-year low.
* The University of Michigan’s preliminary sentiment index for early November decreased to 66.8 from 71.7 in October.
* “Gold is still not particularly popular with ETF (exchange-traded fund) investors, who have not bought any holdings on balance despite the marked price rise last week,” Commerzbank AG said in a report. “We are wondering what it will take for buying interest in this group of investors to be reawakened.”
* The downside on gold was limited as the US dollar and the Treasury bond yields eased today, said Sriram Iyer, a senior analyst at Reliance Securities.
* Like gold, the silver price has fallen somewhat this morning but is still holding its own above the $25 per ounce mark.
* At 1831 IST, the most active contracts of bullion were:
–December gold was down 0.1% at 49,320 rupees per 10 gm on Multi Commodity Exchange of India
–December gold was down 0.1% at $1,866.7 an ounce on COMEX
–December silver was down 0.2% at 66,999 rupees per kg on MCX
–-December silver was down 0.3% at $25.26 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 48,440-49,510 rupees
–COMEX gold seen at $1,843-$1,871
–MCX silver seen at 65,940-67,550 rupees
–COMEX silver seen at $24.79-$25.64
End
US$1 = 74.48 rupees
Edited by Maheswaran Parameswaran
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