Informist, Friday, Jun 3, 2022
By Chinmay Mungse
MUMBAI – Gold contracts were trading higher today on the Multi Commodity Exchange of India tracking overnight gains in contracts on the COMEX. Today, however, contracts on COMEX were down as investors booked profits after a strong rally in the previous few sessions.
* Earlier in the day, the most-active August GOLD contract had hit a two-week high of $1,878.6 per ounce on COMEX.
* Data released by Automatic Data Processing Inc on Thursday showed that the US private sector labour market added 128,000 jobs in May, much lower than analyst expectations of a 300,000 rise.
* Tapan Patel, senior analyst at HDFC Securities, said the slow growth in US jobs may add to worries about the economic recovery, which may boost safe-haven purchases.
* Investors are waiting for the official US non-farm payroll data, due later today. Analysts expect the US labour market to have expanded by 325,000 in May.
* However, if the official data is in line with ADP's data, then the market might lower its expectations from the US Federal Reserve in regard to interest rate hikes, said Commerzbank AG in a report.
* At 1653 IST, the most-active contracts of bullion were:
--June gold was up 0.1% at 51,318 rupees per 10 gm on MCX
--June gold was down 0.1% at $1,869 an ounce on COMEX
--July SILVER was up 0.7% at 62,780 rupees per kg on MCX
–-July silver was up 0.9% at $22.47 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 51,050- 51,580 rupees,
--COMEX gold seen at $1,850-$1,884
--MCX silver seen at 61,800-63,100 rupees
--COMEX silver seen at $22.00-$22.80.
End
US$1 = 77.62 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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