Informist, Thursday, Mar 2, 2023
By Sayantan Sarkar
MUMBAI – Futures contracts of GOLD and SILVER on the Multi Commodity Exchange of India fell today, tracking those on COMEX as the dollar rose against a basket of major currencies.
* A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies.
* Investors are also concerned about the US Federal Reserve’s stance on monetary policy as the market expects the central bank to continue raising rates to tackle high inflation in the country. Higher interest rates increase borrowing costs, which limit the demand for precious metals.
* “We expect gold prices should correct to $1,819/oz level (on COMEX), a fall below $1,819/oz level will trigger further downside to $1,810/oz level,” said Saumil Gandhi, senior analyst at HDFC Securities.
* Investors will wait for a US jobless claims report, due later today. Positive data from the report is likely to increase expectations of the US Fed raising interest rates sharply at its next policy meeting.
* At 1855 IST, the most-active contracts of bullion were:
–April gold was down 0.1% at 55,790 rupees per 10 gm on MCX
–April gold was down 0.4% at $1,838.9 an ounce on COMEX
–March silver was down 0.9% at 63,367 rupees per kg on MCX
–-March silver was down 0.9% at $20.90 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 55,480–56,200 rupees per 10 gm
–COMEX gold seen at $1,821–$1,862 an ounce
–MCX silver seen at 63,230-65,470 rupees per kg
–COMEX silver seen at $20.57-$21.42 an ounce
End
US$1 = 82.59 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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