India Bullion:Down tailing COMEX as dlr, bond yields continue ascent

Informist, Tuesday, Oct 5, 2021


By Sayantan Sarkar


MUMBAI – GOLD and SILVER contracts declined on the Multi Commodity Exchange of India, tracking COMEX prices as yields on US Treasury bills continued to rise, while the dollar also strengthened against major currencies. 


* The US Federal Reserve may start tapering asset purchases in the coming months as inflation in the US has jumped. Expectations that the central bank will soon tighten monetary policy has strengthened the dollar and has also supported yields on government bonds. 


* "The fact that the US dollar remains firm, coupled with the latest rise in bond yields, is still preventing the gold price from climbing at present," Commerzbank AG said in a report. 


* According to the German bank, gold imports have also significantly risen in September, which has made the Asian country the biggest importer ahead of China. 


* Gold prices had risen sharply late on Monday after US stock markets dipped, which increased safe-haven demand among investors. 


* Silver assets with iShares Silver Trust rose by 15.64 tn on Monday to 17,105.10 tn, as per data on the website of the world's largest silver exchange-traded fund.


* At 1648 IST, the most active contracts of bullion were:
   –December gold down 0.6% at 46,610 rupees per 10 gm on MCX
   –December gold down 0.7% at $1,754.7 an ounce on COMEX
   –December silver down 0.4% at 60,685 rupees per kg on MCX
   –-December silver down 0.6% at $22.49 an ounce on COMEX


* Outlook for the evening session:
   –MCX gold seen at 46,500-46,900 rupees
   –COMEX gold seen at $1,740-$1,770
   –MCX silver seen at 58,200-61,180 rupees
   –COMEX silver seen at $22.17-$22.83



US$1 = 74.44 rupees

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


Edited by Pranav S. Joshi


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