Informist, Friday, Apr 30, 2021
By Roshni Devi
MUMBAI – Bullion contracts on the Multi Commodity Exchange of India were almost flat today, while GOLD contracts on the COMEX gained due to increasing worries about the COVID-19 pandemic, analysts said.
* "Gold has underlying support from the Covid pandemic, which is dovish for central bank policies," said Abhishek Bansa, chairman at ABans Group.
* At the conclusion of its monetary policy meeting on Wednesday, the Federal Reserve left rates unchanged. The central bank said it will not taper its monthly asset purchases or raise interest rates until the US reaches maximum employment and the annual inflation rate exceeds 2% for an extended period of time.
* Powell said that the bank would let the public know of its intent to start tapering monthly asset purchases well in advance.
* The overall global COVID-19 caseload has topped 150.62 mln, while deaths have surged to more than 3.17 mln, according to the Johns Hopkins University.
* "Lack of any major data tonight could keep gold in a small trading band and could track the movement of US Treasury yields and the dollar," said Sriram Iyer, senior analyst at Reliance Securities.
* At 1734 IST, the most active contracts of bullion were at:
--June gold flat at 46,760 rupees per 10 gm on MCX
--June gold up 0.1% at $1,770 an ounce on COMEX
--May SILVER flat at 67,500 rupees per kg on MCX
–-May silver down 0.3% at $25.99 an ounce on COMEX
* Outlook for the evening session:
--MCX gold seen at 46,970-48,040 rupees
--COMEX gold seen at $1,746-$1,787
--MCX silver seen at 67,000-69,350 rupees
--COMEX silver seen at $25.97-$26.63
End
US$1 = 74.06 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Snigdha Kuttikat
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