Informist, Tuesday, Jan 10, 2023
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India traded lower today as the rupee rose against the dollar.
* A stronger rupee against the dollar makes greenback-denominated commodities, such as bullion, cheaper for Indian investors.
* Benchmark GOLD contracts on the COMEX were flat today as investors and market participants braced for US Federal Reserve Chair Jerome Powell’s speech later in the day.
* The dollar index also pared losses from the previous session and rose 0.2% to 103.2 today. However, losses due to a firm dollar index were offset by rising bets that the central bank would slow down the pace of rate hike.
* “Gold traded steady as traders looked ahead to Powell’s speech for more clarity around the central bank’s rate hike plans,” Navneet Damani, senior vice-president and head research of commodities at Motilal Oswal Financial Services, said.
* At 1709 IST, the most-active contracts of bullion were:
–February gold was down 0.2% at 55,769 rupees per 10 gm on MCX
–February gold was flat at $1,880.5 an ounce on COMEX
–March silver was down 0.8% at 68,330 rupees per kg on MCX
–-March silver was down 0.6% at $23.73 an ounce on COMEX
* Outlook for the evening session:
–MCX gold seen at 55,560–55,920 rupees per 10 gm
–COMEX gold seen at $1,866–$1,890 an ounce
–MCX silver seen at 67,850-68,740 rupees per kg
–COMEX silver seen at $23.54-$24.05 an ounce
End
US$1 = 81.79 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Manisha Baxla
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Source: Cogencis
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