Informist, Friday, Nov 3, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of GOLD rose on the Multi Commodity Exchange of India and COMEX today on safe-haven demand, and a fall in dollar due to weaker-than-expected US non-farm payroll data.
The US Bureau of Labor Statistics data today showed that the non-farm payroll employment in October came in at 150,000 against analysts’ estimate of 180,000 job additions. The weak job reduces the possibility of further rate hikes by US Federal Reserve.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.8% at 105.29, which makes precious commodities priced in the dollar cheaper for holders of other currencies.
On Thursday, GOLD holdings with SPDR Gold Trust, the world's largest gold-backed ETF, remained steady at 861.51 tn. The fund has a market value of $54.92 bln.
The spot gold-silver ratio, also known as the mint ratio, was lower at 86.05, indicating that silver had outperformed gold. The ratio measures the ounces of silver required to buy an ounce of gold.
SILVER prices rose tracking gains in industrial metals and firm cues from gold.
At 1910 IST, MCX Bulldex, an index tracking the real-time performance of gold and silver futures on the MCX, was up 57 points, or 0.4%, at 16040 points.
The December and February gold contracts recorded turnovers of 28.04 bln rupees and 3.33 bln rupees, respectively. At 1910 IST, the December and March silver contracts saw turnovers of 60.88 bln rupees and 4.23 bln rupees, respectively.
The average traded price of the December gold contract on the domestic exchange was 61,090.06 rupees per 10 gm.
On the technical charts, the MCX December gold contract traded higher than the 20-, 50-, 100-, and 200-day simple and exponential moving averages, but lower than the five-day simple and exponential moving averages. The momentum oscillator, Relative Strength Index, was at 67.64, signalling bullish trend in the price.
At 1911 IST, the following were the most active contracts of bullion:
-December gold was up 0.4% at 61,140 rupees per 10 gm on MCX
-December gold was up 0.5% at $2,005.05 an ounce on COMEX
-December silver was up 1.2% at 72,262 rupees per kg on MCX
–December silver was up 2% at $23.30 an ounce on COMEX
Outlook for the rest of the session:
-MCX gold seen at 60,750–61,300 rupees per 10 gm
-COMEX gold seen at $1,995.0–$2,010.0 an ounce
-MCX silver seen at 71,400-73,000 rupees per kg
-COMEX silver seen at $23.20-$23.45 an ounce
End
US$1 = 83.29 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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