Informist, Wednesday, Sep 7, 2022
By Sayantan Sarkar
MUMBAI - GOLD contracts on the Multi Commodity Exchange of India and COMEX were flat today as investors gauged the possibilities of further interest rate hikes by the US Federal Reserve.
* A report on Tuesday showed that US' services industry picked up pace in August, which indicated that the economy is doing better. This could in turn prompt the US Fed to continue raising interest rates to curb the high inflation in the country.
* Higher interest rates increase the cost of borrowing for the public, which limits demand for precious metals such as gold.
* Meanwhile, the US dollar index hit an over two-decade high earlier today, which is bearish for commodities that are priced in the greenback.
* "Gold held near $1,700 per ounce on stronger dollar and better-than-expected US economic data boosting expectations of aggressive rate hike from US FED," said Tapan Patel, senior market analyst at HDFC Securities.
* SILVER prices, meanwhile, rose today as demand for industrial metals increased. Silver, a precious metal is also used in the making of tablets and smartphones.
* At 1744 IST, the most-active contracts of bullion were:
--October gold was flat at 50,263 rupees per 10 gm on MCX
--December gold was flat at $1,712.4 an ounce on COMEX
--December silver was up 0.6% at 53,450 rupees per kg on MCX
–-October silver was up 0.7% at $18.045 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 49,950-50,600 rupees
--COMEX gold seen at $1,680-$1,720
--MCX silver seen at 51,890-53,880 rupees
--COMEX silver seen at $17.55-$18.20.
End
US$1 = 79.90 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Wednesday, Sep 7, 2022
By Sayantan Sarkar
MUMBAI - GOLD contracts on the Multi Commodity Exchange of India and COMEX were flat today as investors gauged the possibilities of further interest rate hikes by the US Federal Reserve.
* A report on Tuesday showed that US' services industry picked up pace in August, which indicated that the economy is doing better. This could in turn prompt the US Fed to continue raising interest rates to curb the high inflation in the country.
* Higher interest rates increase the cost of borrowing for the public, which limits demand for precious metals such as gold.
* Meanwhile, the US dollar index hit an over two-decade high earlier today, which is bearish for commodities that are priced in the greenback.
* "Gold held near $1,700 per ounce on stronger dollar and better-than-expected US economic data boosting expectations of aggressive rate hike from US FED," said Tapan Patel, senior market analyst at HDFC Securities.
* SILVER prices, meanwhile, rose today as demand for industrial metals increased. Silver, a precious metal is also used in the making of tablets and smartphones.
* At 1744 IST, the most-active contracts of bullion were:
--October gold was flat at 50,263 rupees per 10 gm on MCX
--December gold was flat at $1,712.4 an ounce on COMEX
--December silver was up 0.6% at 53,450 rupees per kg on MCX
–-October silver was up 0.7% at $18.045 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 49,950-50,600 rupees
--COMEX gold seen at $1,680-$1,720
--MCX silver seen at 51,890-53,880 rupees
--COMEX silver seen at $17.55-$18.20.
End
US$1 = 79.90 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
