Informist, Tuesday, Dec 28, 2021
By Chinmay Mungse
MUMBAI – GOLD contracts were up on the on Multi Commodity Exchange of India and COMEX today as a rise in new cases of the Omicron variant of COVID-19 boosted the haven appeal of the precious metal.
* SILVER contracts rose on the MCX tracking gains in the benchmark contracts on COMEX.
* “While reports suggest that the impact of the Omicron virus wouldn’t be severe, many nations imposing fresh curbs hampered market sentiments which shifted investors towards gold,” said Angel One Commodities in a report.
* Investors are assessing the impact of the new variant on the global economy. A rise in Omicron cases has affected sentiment about economic recovery, which has kept risk premium on gold high, said Tapan Patel, senior analyst at HDFC Securities.
* However, analysts believe there may not be any major movement in bullion prices due to the holiday season in the US, which has affected the trade volumes.
* “There are not many triggers to move the market currently. Since it is the holiday season in the US, the benchmark contracts aren’t seeing any traction,” said Ajay Kedia, research head at Kedia Capital.
* At 1716 IST, the most-active contracts of bullion were:
–February gold was up 0.3% at 48,185 rupees per 10 gm on MCX
–February gold was up 0.5% at $1,818.2 an ounce on COMEX
–March silver was up 0.6% at 62,685 rupees per kg on MCX
–-March silver was up 0.9% at $23.20 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 48,000-48,300 rupees
–COMEX gold seen at $1,810-$1,825
–MCX silver seen at 62,300-63,800 rupees
–COMEX silver seen at $23.00-$23.30. End
US$1 = 74.65 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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