Informist, Wednesday, Nov 24, 2021
By Sayantan Sarkar
MUMBAI – GOLD contracts on the Multi Commodity Exchange of India were largely flat today as traders focused on the release of the US Federal Reserve’s meeting minutes and key economic data from the country.
* On COMEX, gold and SILVER prices rose after falling to multi-week lows on Tuesday due to a stronger dollar and higher yields on US Treasury bills.
* “We hold speculative financial investors primarily responsible for the fall in price, as they appear to be turning their backs on gold just now,” Commerzbank AG said in a report.
* A set of economic data from the US, coupled with the minutes of the US Fed’s last policy meeting, is expected to lend cues to bullion prices.
* Traders expect the US central bank to tighten its monetary policy further as inflation remains higher. The minutes from the US Fed’s last meeting may dictate policymakers’ plans for the coming months.
* At 1800 IST, the most active contracts of bullion were:
–December gold was flat at 47,375 rupees per 10 gm on MCX
–December gold was up 0.1% at $1,785.7 an ounce on COMEX
–December silver was flat at 62,419 rupees per kg on MCX
–-December silver was up 0.1% at $23.44 an ounce on COMEX
* Outlook for the evening session by Kotak Securities:
–MCX gold seen at 47,023-48,025 rupees
–COMEX gold seen at $1,766.6-$1,812.1
–MCX silver seen at 61,045-64,810 rupees
–COMEX silver seen at $22.81-$24.44. End
US$1 = 74.39 rupees
Edited by Snigdha Kuttikat
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Source: Cogencis
