Informist, Monday, Jan 30, 2023
By Sayantan Sarkar
MUMBAI – GOLD contracts on the Multi Commodity Exchange of India and COMEX were flat today ahead of the US Federal Reserve’s two-day policy meeting, scheduled to commence on Tuesday.
* The market expects the US Fed to slow its pace of interest-rate hike, which may support gold prices. A slower pace of rate hikes will likely increase the liquidity in the market, thereby generating more demand for gold among investors.
* The market will also be eyeing the release of the US consumer confidence data, a key measue of economic activities, on Tuesday.
* “The Federal Reserve has stated they continue to work to reach its inflation target of 2%. A vast majority of market participants continue to believe that the Fed will backpedal on its commitment to keep rates elevated through 2023,” Gary Wagner, technical market analyst at Kitco.com said in a report.
* SILVER prices on the domestic exchange rose today, tracking contracts on COMEX as the US dollar fell against a basket of major currencies. A weaker dollar makes commodities priced in the greenback cheaper for overseas buyers.
* At 1650 IST, the most-active contracts of bullion were:
–February gold was flat at 56,800 rupees per 10 gm on MCX
–February gold was flat at $1,928 an ounce on COMEX
–March silver was up 0.3% at 68,550 rupees per kg on MCX
–-March silver was up 0.7% at $23.79 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 56,600–57,520 rupees per 10 gm
–COMEX gold seen at $1,901–$1,942 an ounce
–MCX silver seen at 67,420-69,300 rupees per kg
–COMEX silver seen at $23.51-$24.36 an ounce
End
US$1 = 81.49 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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Source: Cogencis
