Informist, Wednesday, Nov 23, 2022
By Chinmay Mungse
MUMBAI – GOLD contracts on the Multi Commodity Exchange of India were flat today as negative cues from benchmark contracts on COMEX were offset by a weaker rupee against the US dollar, which makes the greenback-denominated commodity more expensive for Indian investors.
* Benchmark GOLD contracts on COMEX fell slightly today as investors adjusted their net positions ahead of minutes of the US Federal Reserve's November policy meeting, scheduled to be released past midnight today. Investors and market participants are looking for cues on further rate hikes, in the hope that they will provide impetus to gold prices.
* "Expectation is that the officials at the central bank could continue to keep a hawkish stance and that could keep the US dollar supported at lower levels," said Navneet Damani, head research – commodities and currencies at Motilal Oswal Financial Services.
* However, losses in gold contracts were limited by a weaker US dollar against a basket of major currencies. "Rising bets for a relatively smaller 50 basis points lift-off at the next FOMC policy meeting in December keep the US dollar bulls on the defensive," fxstreet.com said in a report.
* SILVER contracts on the MCX were up, tracking gains in benchmark contracts on COMEX as a softer US dollar boosted demand for the precious metal.
* At 1657 IST, the most-active contracts of bullion were:
--December gold was flat at 52,330 rupees per 10 gm on MCX
--December gold was down 0.1% at $1,737.8 an ounce on COMEX
--December silver was up 0.9% at 61,565 rupees per kg on MCX
–-December silver was up 0.9% at $21.24 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 52,100–52,450 rupees per 10 gm
--COMEX gold seen at $1,720–$1,750 an ounce
--MCX silver seen at 61,100-61,850 rupees per kg
--COMEX silver seen at $20.90-$21.35 an ounce
End
US$1 = 81.85 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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.
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Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Wednesday, Nov 23, 2022
By Chinmay Mungse
MUMBAI – GOLD contracts on the Multi Commodity Exchange of India were flat today as negative cues from benchmark contracts on COMEX were offset by a weaker rupee against the US dollar, which makes the greenback-denominated commodity more expensive for Indian investors.
* Benchmark GOLD contracts on COMEX fell slightly today as investors adjusted their net positions ahead of minutes of the US Federal Reserve's November policy meeting, scheduled to be released past midnight today. Investors and market participants are looking for cues on further rate hikes, in the hope that they will provide impetus to gold prices.
* "Expectation is that the officials at the central bank could continue to keep a hawkish stance and that could keep the US dollar supported at lower levels," said Navneet Damani, head research – commodities and currencies at Motilal Oswal Financial Services.
* However, losses in gold contracts were limited by a weaker US dollar against a basket of major currencies. "Rising bets for a relatively smaller 50 basis points lift-off at the next FOMC policy meeting in December keep the US dollar bulls on the defensive," fxstreet.com said in a report.
* SILVER contracts on the MCX were up, tracking gains in benchmark contracts on COMEX as a softer US dollar boosted demand for the precious metal.
* At 1657 IST, the most-active contracts of bullion were:
--December gold was flat at 52,330 rupees per 10 gm on MCX
--December gold was down 0.1% at $1,737.8 an ounce on COMEX
--December silver was up 0.9% at 61,565 rupees per kg on MCX
–-December silver was up 0.9% at $21.24 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 52,100–52,450 rupees per 10 gm
--COMEX gold seen at $1,720–$1,750 an ounce
--MCX silver seen at 61,100-61,850 rupees per kg
--COMEX silver seen at $20.90-$21.35 an ounce
End
US$1 = 81.85 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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. 2022. All rights reserved.
