Informist, Tuesday, Jul 20, 2021

By Roshni Devi

MUMBAI – GOLD contracts on the Multi Commodity Exchange of India were flat today as positive cues from parent contracts on COMEX were negated by the rupee's appreciation against the dollar, analysts said.

* A firm rupee makes the import of dollar-denominated commodities like gold cheaper.

* In international markets, gold and SILVER prices were in the green due to a rise in cases of the Delta variant of COVID-19 and a drop in bond yields in the US.

* "Rising coronavirus cases in the US and other nations have fuelled fears of a pandemic return, and gold prices have been underpinned by safe-haven demand," Abhishek Bansal, founder-chairman, Abans Group, said.

* The global COVID-19 caseload has crossed 191.1 mln, with over 4.09 mln deaths, according to Johns Hopkins University. Russia, Vietnam and Myanmar are emerging as new hotspots of cases.

* The average number of new COVID-19 cases per day in the US has nearly tripled in the past 30 days, as per an analysis of Reuters data. In the month from Jun 18 to Sunday, cases climbed to 32,136 from 12,004.

* Many Asian countries have imposed lockdowns as they struggle to curb the Delta variant. The US has warned citizens to not travel to the UK and Indonesia as infections in these countries have increased.

* Silver assets with iShares Silver Trust surged by 224.88 tn to 17,451.62 tn on Monday, according to data on the website of the world's largest silver exchange traded fund.

* At 1651 IST, the most active contracts of bullion were:
   --August gold flat at 48,110 rupees per 10 gm on MCX
   --August gold up 0.4% at $1,816 an ounce on COMEX
   --September silver down 0.3% at 67,056 rupees per kg on MCX
   –-September silver up 0.1% at $25.16 an ounce on COMEX

* Outlook for the evening session by Religare Broking:
   --MCX gold seen at 47,780-48,700 rupees

   --COMEX gold seen at $1,795-$1,835
   --MCX silver seen at 66,000-68,500 rupees

   --COMEX silver seen at $24.35-$25.80

End

US$1 = 74.6150 rupees

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

Edited by Avishek Dutta

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