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Informist, Tuesday, Dec. 24, 2024

By J. Navya Sruthi

MUMBAI – Futures contracts of gold were steady Tuesday on the Multi Commodity Exchange of India amid low trading volumes, analysts said. However, a strong dollar index and higher yields on the US Treasury are likely to pull down gold prices.  

At 2005 IST, the most-active February GOLD contract on the MCX was unchanged from the previous close at INR 76,185 per 10 grams. The most-active February contract on COMEX was 0.1% higher at $2,632.1 per ounce.

The precious metal could stage a rebound in the remaining days of the year or in the early days of 2025, Dow Jones quoted Brien Lundin of Gold Newsletter, a precious metal and mining stock advisory firm, as saying. Prices of the yellow metal could rebound due to seasonality patterns and the return of central banks to the gold market, Lundin said. 

The dollar Index, which measures the strength of the greenback against a basket of major currencies, was trading at 108.07 at 2030 IST, compared to the previous close of 108.08. It had touched a level of 108.23 earlier in the day.
 

According to the World Gold Council, central bank demand has increased significantly, highlighting the metal's continued position as a safe-haven asset, FX Street reported. US Treasury yields have risen, propelling the greenback up and suppressing gold prices, Dow Jones quoted SP Angel analysts as saying in a note.

SILVER prices were also steady. While gains in base metals have supported the prices of the white metal, it was offset by a firm dollar index. At 2011 IST, the most-active March contract of silver on the MCX was steady at INR 89,100 per kg. The same-month contract on COMEX was up 0.1% at $30.22 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 75,216–INR 76,700 per 10 gm

--COMEX gold seen at $2,600–$2,650 an ounce

--MCX silver seen at INR 88,800-INR 90,500 per kg

--COMEX silver seen at $29.20-$32.10 an ounce

End

US$1 = INR 85.20 

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

Edited by Saji George Titus

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