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Informist, Thursday, Aug 29, 2024

By Sandeep Sinha

MUMBAI – Futures contracts of GOLD on the Multi Commodity Exchange of India and COMEX rose today as value-buying emerged at lower levels. However, the upside was capped by strength in the dollar, which makes commodities priced in the greenback expensive for those holding other currencies.

The dollar index, which measures the strength of the greenback against a basket of major currencies, was up 0.1% at 101.18 ahead of US initial jobless claims data later today. Analysts polled by Dow Jones have estimated the jobless claims to come in at 230,000, down 2,000 from last week.

At 1552 IST, the most-active October gold contract on the MCX was up 0.5% at 72,080 rupees per 10 gm. The most-active December contract on the COMEX was 0.7% higher at $2,554.6 per ounce. The highest call open interest for gold was at the 74,000-75,000-rupee strike, suggesting a bullish view, while the highest put open interest was at the 68,000-rupee strike for the Sep 24 gold contract.

"Traders are shifting their attention to inflation figures on Friday, which may offer a cue on how rapidly rates will be cut," Daniel Hynes, senior commodities strategist at ANZ Research, said in a note.

On Monday, gold holdings with SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained steady for a fourth straight day at 856.12 tn. The fund has a market value of $68.94 bln.

SILVER prices rose on the MCX, taking cues from the COMEX and firm trends in gold. At 1557 IST, the most active September contract for silver on the MCX was up 0.9% at 84,714 rupees per kg. The December-month contract on the COMEX was 1.1% higher at $29.97 per oz.

The MCX Bulldex, an index that tracks the real-time performance of gold and silver futures on the MCX, was up 92 points at 18075 points. As of 1558 IST, the October and December contracts of gold recorded turnovers were 18.59 bln rupees and 1.60 bln rupees, respectively, on the MCX. The September and December contracts of silver saw turnovers of 13.22 bln rupees and 14.90 bln rupees, respectively.

Outlook for the rest of the session:

--MCX gold seen at 71,480–72,602 rupees per 10 gm

--COMEX gold seen at $2,525.10–$2,580.20 an oz

--MCX silver seen at 83,280-85,050 rupees per kg

--COMEX silver seen at $29.15-$30.91 an oz

End

US$1 = 83.87 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Manisha Baxla

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