Informist, Tuesday, Dec 13, 2022
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India and COMEX were trading higher today as the US dollar slipped against a basket of major currencies, boosting the demand for precious metals.
* The dollar index, which measures the strength of the US dollar against a basket of major currencies, fell 0.2% to 104.93 today, ahead of the US consumer price inflation data release.
* "Gold price retreats from intraday high," fxstreet.com said in a report. "In doing so, the yellow metal cheers the broad pullback in the US dollar ahead of the key US CPI for November."
* Bullion prices are expected to trade in a tight range as investors and market participants are refraining from placing aggressive bets on the contracts ahead of the US inflation data and the US Federal Reserve's monetary policy meeting.
* The US Fed is expected to raise interest rates by 50 basis points in its December meeting, which commenced today. Investors and market participants are awaiting clarity on the future rate hikes.
* At 1756 IST, the most-active contracts of bullion were:
--February gold was up 0.4% at 54,340 rupees per 10 gm on MCX
--February gold was up 0.4% at $1,798.8 an ounce on COMEX
--March silver was up 0.6% at 68,199 rupees per kg on MCX
–-March silver was up 0.8% at $23.59 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 54,100–54,450 rupees per 10 gm
--COMEX gold seen at $1,770–$1,805 an ounce
--MCX silver seen at 68,000-68,800 rupees per kg
--COMEX silver seen at $23.25-$23.80 an ounce
End
US$1 = 82.80 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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 /+91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Tuesday, Dec 13, 2022
By Chinmay Mungse
MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange of India and COMEX were trading higher today as the US dollar slipped against a basket of major currencies, boosting the demand for precious metals.
* The dollar index, which measures the strength of the US dollar against a basket of major currencies, fell 0.2% to 104.93 today, ahead of the US consumer price inflation data release.
* "Gold price retreats from intraday high," fxstreet.com said in a report. "In doing so, the yellow metal cheers the broad pullback in the US dollar ahead of the key US CPI for November."
* Bullion prices are expected to trade in a tight range as investors and market participants are refraining from placing aggressive bets on the contracts ahead of the US inflation data and the US Federal Reserve's monetary policy meeting.
* The US Fed is expected to raise interest rates by 50 basis points in its December meeting, which commenced today. Investors and market participants are awaiting clarity on the future rate hikes.
* At 1756 IST, the most-active contracts of bullion were:
--February gold was up 0.4% at 54,340 rupees per 10 gm on MCX
--February gold was up 0.4% at $1,798.8 an ounce on COMEX
--March silver was up 0.6% at 68,199 rupees per kg on MCX
–-March silver was up 0.8% at $23.59 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 54,100–54,450 rupees per 10 gm
--COMEX gold seen at $1,770–$1,805 an ounce
--MCX silver seen at 68,000-68,800 rupees per kg
--COMEX silver seen at $23.25-$23.80 an ounce
End
US$1 = 82.80 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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 /+91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
