India Bullion:MCX gold hits record high tailing COMEX as US CPI cools

Informist, Friday, Jan 13, 2023


By Chinmay Mungse


MUMBAI – GOLD contracts on the Multi Commodity Exchange of India rose to a lifetime high today tracking gains in the benchmark COMEX contracts.


* Gold contracts on COMEX hit a nine-month high today as the consumer price inflation in the US cooled for December, strengthening market expectations of a softer rate hike from the US Federal Reserve. 


* The US dollar index slipped after the US CPI data release, and yields on the US Treasury bonds also slipped due to rising expectations of a softer rate hike from the central bank. This boosted the demand for the yellow metal.


* The most-active February gold contract on COMEX rose to a nine-month high of $1,912.9 per ounce, while the same-month contract on the MCX hit a lifetime high of 56,245 rupees per 10 gm today. 


* According to data from the CME Group's Fedwatch tool, close to 95% of Fed funds traders expect a 25-basis-point rate hike by the central bank in its February meeting. 


* "The US dollar remains depressed near a seven-month low amid growing acceptance that the Fed will soften its hawkish stance amid signs of easing price pressures. A weaker greenback turns out to be a key factor benefitting the dollar-denominated gold price," said in a report. 


* However, a slight rebound in the US dollar made benchmark SILVER contracts on COMEX more expensive for holders of other currencies, thus dulling the bullion's demand. 


* At 1711 IST, the most-active contracts of bullion were:

  –February gold was up 0.4% at 56,106 rupees per 10 gm on MCX

  –February gold was up 0.4% at $1,905.8 an ounce on COMEX

  –March silver was flat at 68,604 rupees per kg on MCX

  –-March silver was down 0.5% at $23.88 an ounce on COMEX


* Outlook for the evening session:

  –MCX gold seen at 55,950–56,350 rupees per 10 gm

  –COMEX gold seen at $1,895–$1,926 an ounce

  –MCX silver seen at 68,200-69,300 rupees per kg

  –COMEX silver seen at $23.55-$24.88 an ounce




US$1 = 81.32 rupees

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


Edited by Tanima Banerjee



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