Informist, Thursday, Oct 21, 2021
By Chinmay Mungse
MUMBAI – Gold contracts were trading flat on the Multi Commodity Exchange of India, tracking those on the COMEX. Prices on COMEX were flat ahead of US unemployment claims data that will be released later today.
* “Unemployment claims are expected to rise only marginally in the US from the previous week, which will be supportive for GOLD,” said Tapan Patel, senior analyst at HDFC Securities.
* US Federal Open Market Committee member Christopher Waller will also speak at an online event later today about the US economy.
* “Traders and investors may gauge the stance of the US FED from today’s session. Any positive economic data may boost market expectations of asset purchase tapering sooner than earlier anticipated,” said Patel.
* SILVER contracts were trading lower on MCX tracking losses on COMEX.
* Worries about rising inflation and slower growth in major economies may lift sentiment in the bullion market in the coming days, said experts.
* At 1800 IST, the most active contracts of bullion were:
–December gold flat at 47,468 rupees per 10 gm on MCX
–December gold flat at $1,785.2 an ounce on COMEX
–December silver down 0.3% at 65,429 rupees per kg on MCX
–-December silver down 0.5% at $24.31 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 46,770-47,750 rupees
–COMEX gold seen at $1,757-$1,794
–MCX silver seen at 62,310-66,419 rupees
–COMEX silver seen at $23.19-$25.10
End
US$1 = 74.86 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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Source: Cogencis
