India Bullion: Dn tailing COMEX on slightly hawkish Fed meet minutes

Informist, Thursday, Jan 5, 2023


By Chinmay Mungse


MUMBAI – GOLD and SILVER contracts on the Multi Commodity Exchange and COMEX fell slightly today due to slightly hawkish views of the US Federal Reserve. 


* Minutes of the Fed's Dec 13-14 meeting indicated that officials were concerned that markets were underestimating their resolve in tackling inflation. The minutes emphasised that policymakers see rates continuing to rise and staying there for "some time".


* However, the losses were cushioned as US Fed officials agreed that the central bank should slow the pace of its aggressive interest rate increases. 


* "The prospect of smaller interest rate hikes by the Fed weighed on the dollar and the US Treasury yields and lent support to gold," Sriram Iyer, senior analyst at Reliance Securities, said. 


* Market participants are now awaiting Friday's US jobs report for further cues on how the economy is faring. A survey by Bloomberg estimated an increase of 200,000 in US non-farm payrolls in December, which would be the lowest in two years, following an increase of 263,000 in November.


* At 1701 IST, the most-active contracts of bullion were:

  –February gold was down 0.3% at 55,570 rupees per 10 gm on MCX

  –February gold was down 0.2% at $1,856 an ounce on COMEX

  –March silver was down 1.2% at 68,517 rupees per kg on MCX

  –-March silver was down 1.1% at $23.71 an ounce on COMEX


* Outlook for the evening session:

  –MCX gold seen at 54,500–56,200 rupees per 10 gm

  –COMEX gold seen at $1,847–$1,871 an ounce

  –MCX silver seen at 67,300-69,930 rupees per kg

  –COMEX silver seen at $23.53-$24.19 an ounce




US$1 = 82.56 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


© Informist Media Pvt. Ltd. 2023. All rights reserved.

Other News.

TREND: Real estate players scale back festive offers on high demand

Informist, Tuesday, Mar 28, 2023 By Shiladitya Pandit MUMBAI – The festival season usually sees real estate developers offering various incentives to home buyers, including direct discounts, flexible payment options, and freebies like gold coins, white goods, furniture and automobiles. This year, however, such sops are few as costs are rising and demand is already high. Lower levels of inventory have […]

Exim Bank to raise $3 bln from offshore market in FY24, says MD

Informist, Tuesday, Mar 28, 2023 MUMBAI – Export-Import Bank of India will look to raise around $3 bln from offshore market and 200-250-bln-rupee debt from domestic market in 2023-24 (Apr-Mar), Managing Director Harsha Bangari told reporters on sideline of International Conference on G20 Trade Finance Cooperation. The government-backed development finance institution regularly taps overseas and domestic bond markets for […]

FOCUS: Tweak in taxes on debt mutual funds may hit corporate bond mkt

Informist, Tuesday, Mar 28, 2023 By Subhana Shaikh MUMBAI – India's fledgling corporate bond market is likely to become an unintended casualty of the surprise announcement by the finance ministry to withdraw long-term capital gains tax benefit on debt mutual funds, industry players said. The move is likely to hit incremental inflows into debt funds, which are major […]