Commodity prices traded weak with most of the commodities in non-agro segment witnessed selling in the last trading session of the week. Bullion prices pared weekly gains on stronger dollar while crude oil prices ended flat on mixed global cues. Base metals traded lower on eased worries over power shortage in China and demand concerns with rising CPVD cases in China.
Gold prices traded weak with spot gold prices at COMEX ended over half a percent down to $1783 per ounce for the week. Gold December futures at MCX ended 0.34% down to Rs. 47635 per 10 gram limiting gains on rupee appreciation. The spot rupee rose by 0.51% to 74.88 against the dollar for the week. Gold ETF holdings witnessed inflows as holdings at SPDR Gold Shares rose to 981.14 tonnes from previous week’s 978 tonnes. The CFTC data showed that money managers increased their net long positions by 31970 lots in last week.
Silver prices traded lower with spot silver prices at COMEX fell by 1.73% at $23.90 per ounce for the week. MCX Silver December futures declined by 1.71% to Rs. 64534 per KG for the week. Silver prices witnessed selling pressured by fall in industrial metals over rising COVID cases in China. The CFTC data showed that money managers increased their net long positions by 9572 lots in last week.
Bullion prices traded volatile during the week on mixed global cues and fluctuation in US bond yields. The precious metals kept firm trading range throughout the week on inflation worries and major central bank policy decisions. Bullion prices capped upside on expectation of sooner rate hike from US FED and unwinding of asset purchase program. Bullion prices pared weekly gains on Friday fell on strong dollar recovery post US inflation data. The dollar index rose by 0.51% to 94.12 while 10 year US Treasury yields fell to 1.56% on Friday down from 1.65% in the start of the week. The traders and investors are now awaiting for upcoming US FOMC meet next week and key US job market numbers. The US FED may announce the timeline for gradual unwinding the pandemic stimulus.
We expect gold prices to trade sideways to down in coming week with COMEX spot gold resistance at $1833 per ounce and support at $1750 per ounce. At MCX, Gold December prices have near term resistance at Rs 48200 per 10 grams and support at Rs 46900 per 10 gram. COMEX silver spot has near term resistance at $24.90 per ounce with support at $22.80 per ounce. MCX Silver December has important resistance at Rs 66800 per KG and support at Rs 62500 per KG.
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