Informist, Monday, Mar 27, 2023
By Sandeep Sinha
MUMBAI – Gold and silver contracts fell on the Multi Commodity Exchange of India and the COMEX today due to profit-taking by traders after a sharp run-up in the past few days and outflows in gold exchange-traded funds.
The sentiment in bullion was further dampened by a rise in the dollar and yields on the US Treasury bills, which limited the demand for the precious metals. The yellow metal's safe-haven appeal was dented after First Citizens Bank & Trust Co agreed to purchase all deposits and loans of Silicon Valley Bridge Bank, the Federal Deposit Insurance Corporation said in a release on Mar 26.
St Louis Federal Reserve President James Bullard said last week that the US central bank is nowhere near done with its tightening stance, and it will have to raise rates higher, which weighed on the prices of the precious metal.
"We expect gold prices continue to be influenced by various macro forces ranging from Federal Reserve interest rate hike expectations and lingering banking fears," said Saumil Gandhi, senior analyst at commodities at HDFC Securities.
"Technically, gold prices are in an uptrend as prices form a higher top higher bottom, and we expect the same trend will continue this week," Gandhi said.
The range for COMEX Gold June futures is $1,960-$2,005/oz, while that for MCX Gold June futures is 59,500-59,900 rupees per 10 gm, said Sriram Iyer, senior research analyst at Reliance Securities said.
The spot gold-silver ratio, also known as Mint Ratio, was down at 84.92 to 1, which indicates that silver has outperformed gold. The ratio measures the number of silver ounces required to buy an ounce of gold.
Gold holdings with SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell by 1.45 tn at 923.97 tn on Friday. The gold exchange-traded fund has a market value of $59.21 bln.
MCX Bulldex, an index tracking the real-time performance of gold and silver futures on the MCX, was down 213 points, or 1.3% at 16010 as of 1822 IST.
As at 1822 IST, the April and June gold contracts recorded turnovers of 32.79 bln rupees and 15.95 bln rupees, respectively. At the same time, the May and July silver contracts saw a turnover of 15.59 bln rupees and 455.80 mln, respectively.
* At 1822 IST, the most-active contracts of bullion were:
--April gold was down 1.3% at 58,503 rupees per 10 gm on MCX
--April gold was down 1.8% at $1,966.50 an ounce on COMEX
--May silver was down 0.8% at 70,790 rupees per kg on MCX
–-May silver was down 1.1% at $23.08 an ounce on COMEX
* Outlook for the rest of the session:
--MCX gold seen at 59,250–59,200 rupees per 10 gm
--COMEX gold seen at $1,930–$1,978 an ounce
--MCX silver seen at 69,100-70,550 rupees per kg
--COMEX silver seen at $23.0-$23.55 an ounce
End
US$1 = 82.37 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Informist, Monday, Mar 27, 2023
By Sandeep Sinha
MUMBAI – Gold and silver contracts fell on the Multi Commodity Exchange of India and the COMEX today due to profit-taking by traders after a sharp run-up in the past few days and outflows in gold exchange-traded funds.
The sentiment in bullion was further dampened by a rise in the dollar and yields on the US Treasury bills, which limited the demand for the precious metals. The yellow metal's safe-haven appeal was dented after First Citizens Bank & Trust Co agreed to purchase all deposits and loans of Silicon Valley Bridge Bank, the Federal Deposit Insurance Corporation said in a release on Mar 26.
St Louis Federal Reserve President James Bullard said last week that the US central bank is nowhere near done with its tightening stance, and it will have to raise rates higher, which weighed on the prices of the precious metal.
"We expect gold prices continue to be influenced by various macro forces ranging from Federal Reserve interest rate hike expectations and lingering banking fears," said Saumil Gandhi, senior analyst at commodities at HDFC Securities.
"Technically, gold prices are in an uptrend as prices form a higher top higher bottom, and we expect the same trend will continue this week," Gandhi said.
The range for COMEX Gold June futures is $1,960-$2,005/oz, while that for MCX Gold June futures is 59,500-59,900 rupees per 10 gm, said Sriram Iyer, senior research analyst at Reliance Securities said.
The spot gold-silver ratio, also known as Mint Ratio, was down at 84.92 to 1, which indicates that silver has outperformed gold. The ratio measures the number of silver ounces required to buy an ounce of gold.
Gold holdings with SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell by 1.45 tn at 923.97 tn on Friday. The gold exchange-traded fund has a market value of $59.21 bln.
MCX Bulldex, an index tracking the real-time performance of gold and silver futures on the MCX, was down 213 points, or 1.3% at 16010 as of 1822 IST.
As at 1822 IST, the April and June gold contracts recorded turnovers of 32.79 bln rupees and 15.95 bln rupees, respectively. At the same time, the May and July silver contracts saw a turnover of 15.59 bln rupees and 455.80 mln, respectively.
* At 1822 IST, the most-active contracts of bullion were:
--April gold was down 1.3% at 58,503 rupees per 10 gm on MCX
--April gold was down 1.8% at $1,966.50 an ounce on COMEX
--May silver was down 0.8% at 70,790 rupees per kg on MCX
–-May silver was down 1.1% at $23.08 an ounce on COMEX
* Outlook for the rest of the session:
--MCX gold seen at 59,250–59,200 rupees per 10 gm
--COMEX gold seen at $1,930–$1,978 an ounce
--MCX silver seen at 69,100-70,550 rupees per kg
--COMEX silver seen at $23.0-$23.55 an ounce
End
US$1 = 82.37 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
