India Bullion: Up on MCX, COMEX on weak US dollar, bond yields

Informist, Thursday, May 19, 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 index and yields on the US Treasury bills slipped, boosting demand for the precious metal.


* A sharp overnight fall in US equities weighed on stock markets in the Asia-Pacific region earlier today, which boosted the demand for gold as a safe-haven asset. Concerns over slower global economic growth also supported gold prices in international markets.


* "Fears of lower global growth, higher inflation and a crash in global equities are supporting safe-haven buying of gold," said Manoj Jain, research head at Prithvi Finmart.


* Further, China has relaxed some restrictions in Shanghai, as the city reported no new COVID-19 cases outside the quarantine zones for three straight days. This is expected to boost the physical demand for the yellow metal, said experts. 


* At 1657 IST, the most-active contracts of bullion were:
   –June gold was up 0.4% at 50,432 rupees per 10 gm on MCX
   –June gold was up 0.7% at $1,828.5 an ounce on COMEX
   –July silver was up 0.9% at 61,244 rupees per kg on MCX
   –-July silver was up 0.5% at $21.66 an ounce on COMEX


* Outlook for the evening session:
   –MCX gold seen at 49,950-50,800 rupees
   –COMEX gold seen at $1,792-$1,844
   –MCX silver seen at 60,450-61,800 rupees
   –COMEX silver seen at $21.23-$21.91.




US$1 = 77.72 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT


Edited by Namrata Rao



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