Informist, Wednesday, Jan 24, 2024
By Sandeep Sinha
MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and the COMEX rose today because of a weaker dollar, which makes commodities priced in the greenback cheaper for holders of other currencies, boosting demand for precious metals.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.4% at 103.12 on profit-taking.
Investors will take cues from the US flash manufacturing and services purchasing managers' index later today. They also cautiously await Thursday's US Oct-Dec quarter GDP data and core personal consumption expenditure, which will be key for next week's Federal Open Market Committee meeting and to determine whether a March cut is back on the table.
Gold holdings with SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained steady at 858.93 tn. The fund has a market value of $59.04 bln.
The spot gold-silver ratio, also known as Mint Ratio, was lower at 89.22 to 1, which indicates that silver has 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 positive cues from the yellow metal.
MCX Bulldex, an index tracking the real-time performance of gold and silver futures on the MCX, was up 42 points, or 0.4% at 16048 as of 1840 IST.
As at 1840 IST, the February and April gold contracts recorded turnovers of 15.19 bln rupees and 6.37 bln rupees, respectively. At the same time, the May and March silver contracts saw a turnover of 18.98 bln rupees and 1.43 bln rupees, respectively.
* At 1840 IST, the most-active contracts of bullion were:
--February gold was up 0.4% at 62,201 rupees per 10 gm on MCX
--February gold was up 0.5% at $2,035.75 an ounce on COMEX
--March silver was up 1.2% at 71,786 rupees per kg on MCX
–-March silver was up 2% at $22.92 an ounce on COMEX
* Outlook for the rest of the session:
--MCX gold seen at 61,900–62,400 rupees per 10 gm
--COMEX gold seen at $2,025–$2,042 an ounce
--MCX silver seen at 70,400-72,800 rupees per kg
--COMEX silver seen at $22.65-$23.10 an ounce
End
US$1 = 83.12 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. 2024. All rights reserved.
