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Informist, Friday, Nov. 1, 2024

By Sandeep Sinha

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India in the one-hour Diwali Muhurat trading session Friday, taking positive cues from COMEX, because of safe-haven demand after news reports said Iran is preparing to attack Israel in the coming days. The uncertainty related to US presidential election on Tuesday also supported the yellow metal.

The trading volume was thin during the muhurat session conducted by MCX between 1800 IST and 1900 IST.

At 1900 IST, the most active December GOLD contract on the MCX closed 0.4% higher at INR 78,778 per 10 gm. The most active December contract on COMEX was up 0.6% at $2,765.0 per ounce.

However, the upside in the yellow metal was limited due to outflows in gold exchange-traded funds. On Thursday, the gold holdings of SPDR Gold Trust, the world's largest gold-backed ETF, fell by 860 kilograms to 891.79 tonnes. The fund has a market value of $78.37 billion.

SILVER prices ended in positive territory, taking cues from the COMEX, and a positive trend from gold. At 1900 IST, the most-active December contract of silver on the MCX closed 0.9% higher at INR 95,460 per kg. The same-month contract on the COMEX was 0.9% higher at $33.11 per ounce.  End

US$1 = INR 84.08

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

Edited by Tanima Banerjee

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