Informist, Monday, Jan 2, 2023
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India rose today due to a weaker rupee against the US dollar, which makes the greenback-denominated commodities, like bullion, more expensive for Indian investors.
* The rise in bullion prices in the domestic bourse was also tracking Friday’s gains in benchmark contracts on COMEX. Gold and silver contracts on COMEX settled higher on Friday as the US dollar weakened against a basket of major currencies, boosting the demand for precious metals.
* Looking ahead, the key trigger for the markets this week will be a non-farm payrolls report from the US and minutes of the US Federal Reserve’s December meeting. “The US Fed meeting minutes are expected to provide a clear picture on the opinions of the Fed members, thus providing direction to bullion prices,” said Veeresh Hiremath, director at Finlit Consulting.
* Prices of gold and silver on the COMEX were unavailable as the exchange is shut today for Boxing Day. It will resume trade on Tuesday.
* At 1714 IST, the most-active contracts of bullion were:
–February gold was up 0.3% at 55,158 rupees per 10 gm on MCX
–February gold price was unavailable on COMEX as exchange shut.
–March silver was up 0.2% at 69,572 rupees per kg on MCX
–-March silver price was unavailable on COMEX as exchange shut.
* Outlook for the evening session:
–MCX gold seen at 54,875–55,140 rupees per 10 gm
–MCX silver seen at 68,750-70,004 rupees per kg
End
US$1 = 82.73 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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