Informist, Tuesday, Dec 6, 2022
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India and COMEX rose today tracking a subdued US dollar. Investors now await inflation data for further cues.
* “Gold prices steadied after shedding more than 1% in the previous session as the dollar paused its rally, but stuck in a tight range as traders held off more policy signals from the US Federal Reserve,” said Navneet Damani, head research – commodities and currencies at Motilal Oswal Financial Services.
* The Institute for Supply Management’s reading of the services purchasing manager’s index in November came in at 56.5, up from 54.4 in October, and above expectation of 53.7.
* Investors and market participants now await the US producer’s price inflation data, which is scheduled for release on Friday. Bullion contracts are expected to trade in a tight range amid lack of fresh cues till then.
* “Amid a lack of top-tier US economic data and the US Fed’s ‘blackout period’, the broader market sentiment and the US Fed rate hike expectations will continue to play a pivotal role in influencing the dollar-denominated gold price,” said fxstreet.com in a report.
* At 1821 IST, the most-active contracts of bullion were:
–February gold was up 0.7% at 53,900 rupees per 10 gm on MCX
–February gold was up 0.6% at $1,791.7 an ounce on COM
–March silver was up 1.2% at 65,976 rupees per kg on MCX
–-March silver was up 1.3% at $22.72 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 53,700–54,225 rupees per 10 gm
–COMEX gold seen at $1,755–$1,810 an ounce
–MCX silver seen at 65,500-66,400 rupees per kg
–COMEX silver seen at $22.20-$23.85 an ounce
End
US$1 = 82.61 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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