Gold and Silver - June 28, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver spot and COMEX futures ended flat to weaker on Monday as higher rates weighed on bullion, while investors watched for any cues on policy moves at the European Central Bank's forum.

The U.S. Dollar fell capped downside, however a rise in U.S. 10-Year Treasury yields capped upside.

Domestic gold and silver futures also ended in the green on Monday, tracking overseas prices.

Meanwhile, analysts said a plan by Britain, the United States, Japan and Canada to ban imports of Russian gold to tighten sanctions on Moscow may only have a limited fundamental impact.

Meanwhile, investors will also be watching closely the ECB chief Christine Lagarde, Fed Chair Jerome Powell and Bank of England Governor Andrew Bailey say at the annual forum in Sintra.

Reflecting current investors' sentiments, SPDR Gold Trust ETF fund said its holdings fell 0.44% to 1,056.40 tonnes on Monday from 1,061.04 tonnes on Friday.

OUTLOOK - INTERNATIONAL

International spot and COMEX gold and silver prices have started flat to marginally weaker on Tuesday morning in Asian trade weighed down by gains in Treasury yields.

However, U.S. Dollar struggled this Tuesday morning in Asian trade and could cap downside.

China's net gold imports through Hong Kong jumped 58.3% in May from the previous month, Hong Kong' official data showed on Monday, as pandemic-related curbs were relaxed in major cities.

Today's range of COMEX August gold is $1816.80-$1837.80.

Today's COMEX July silver range is $20.987-$21.442.

OUTLOOK - DOMESTIC

Domestic gold futures prices could start flat to marginally weaker on Tuesday morning, tracking a weak start in the overseas markets.

A weaker Rupee could cap downside.

Today's range of MCX August gold is 50490-50895.

Domestic silver futures prices could start flat to marginally weaker on Tuesday morning, tracking a weak start in the overseas markets.

A weaker Rupee could cap downside.

Today's range of MCX silver September 60265-61125.

Source : Equity Bulls

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