Informist, Friday, Dec 24, 2021
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India were flat today as overnight gains in benchmark COMEX contracts were offset by a stronger rupee against the dollar, which makes the dollar-denominated commodity less expensive for domestic consumers.
* Gold contracts on COMEX were up on Thursday as the US personal consumption index jumped to 5.73% for the month of November, boosting the demand for gold as an inflation hedge.
* A higher personal consumption index indicates rising inflation, which is supportive for gold prices.
* “A higher personal consumption data from the US have supported gold prices in the international market in this holiday-thinned trading week,” said Ajay Kedia, research head at Kedia Capital.
* Meanwhile, the upside on international gold prices was capped by waning investor interest in the yellow metal as concerns related to Omicron seemed to ease. “Global equities, bond yields and other riskier assets climbed higher in yesterday’s session following the improvement in markets risk appetite,” said Angel One Commodities in a report.
* The COMEX market was closed today on the account of Christmas Eve.
* At 1813 IST, the most-active contracts of bullion were:
–February gold was flat at 48,178 rupees per 10 gm on MCX
–March silver was flat at 62,250 rupees per kg on MCX
* Outlook for the evening session:
–MCX gold seen at 47,950-48,580 rupees
–MCX silver seen at 61,550-63,200 rupees. End.
US$1 = 75.02 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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Source: Cogencis
