Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, Gold prices on Thursday jumped by Rs 500 to Rs 65,650 per 10 grams in the national capital amid a rally in precious metal's rates in international markets, according to <keyword id="19969290" type="General" weightage="20" keywordseo="hdfc-securities" source="keywords">HDFC Securities</keyword>. Maintaining its upward march for the third straight day, the precious metal touched a fresh lifetime high of Rs 65,650 per 10 grams. The yellow metal had closed at Rs 65,150 per 10 grams in the previous trade. Silver prices also rallied by Rs 400 to Rs 74,900 per kg. In the previous session, it closed at Rs 74,500 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,650 per 10 grams, up by Rs 500, taking bullish cues from the overseas markets," <keyword id="19969287" type="General" weightage="20" keywordseo="saumil-gandhi" source="keywords">Saumil Gandhi</keyword>, senior analyst of commodities at HDFC Securities, said. In the global markets, spot gold at Comex was trading at USD 2,152 per ounce, up by USD 30 from the previous close. Comex spot gold reached a new high of USD 2,161.50 per ounce in Asian trading hours on Thursday after Federal Reserve Chair <keyword id="20058769" type="General" weightage="20" keywordseo="jerome-powell" source="keywords">Jerome Powell</keyword> reiterated that the US central bank will most likely lower interest rates this year, Gandhi added. In his semiannual Humphrey-Hawkins testimony to Congress, Powell said that the US Fed remains squarely focused on its mandate to promote maximum employment and stable prices for the American people. The policy rate is likely at its peak and it will likely be 'appropriate' to cut rates at some point this year, he added. However, he observed that the Federal Open Market Committee (FOMC) still needs 'greater confidence' before cutting rates. Silver was trading higher at USD 24.10 per ounce. In the previous trade, it had closed at USD 23.75 per ounce. "Looking ahead, the market focus shifts to the upcoming US Consumer Price Index (CPI) data for February, which is poised to be a key trigger for gold prices next week. "Additionally, non-farm payroll and unemployment data to be released on Friday will provide further direction for gold trends," <keyword id="20865684" type="General" weightage="20" keywordseo="jateen-trivedi" source="keywords">Jateen Trivedi</keyword>, VP Research Analyst at <keyword id="19956971" type="General" weightage="20" keywordseo="lkp-securities" source="keywords">LKP Securities</keyword>, said.

Gold jumps ₹500 to scale record high of ₹65,650 per 10 grams

<ul><li>Asian currencies like Yuan and Won also suffered from the better-than-expected US economic data.</li><li>The rupee also reversed its strong performance on Thursday, when it closed 6 paise higher.</li><li>Most experts expect the Indian currency to remain volatile in the next few weeks. </li></ul><keyword id="20045514" type="General" weightage="20" keywordseo="indian-rupee" source="keywords">Indian Rupee</keyword> slipped to a three-month low on Friday, after the dollar index gained sharply on account of better-than-expected home sales data. The rupee, which opened 20 paise lower in early trade, slumped by a massive 34 paise to close at an all-time low of 83.47 (provisional) against the US dollar. In intraday trade, the rupee touched a low of 83.52 against the American currency. The rupee had earlier recorded its lowest closing level of 83.40 on December 13, 2023. “As the dollar index rallied above 104.08$, this added pressure on the rupee following a positive gap-up opening witnessed yesterday at 83.05. The rupee has fallen sharply by more than 0.30 rupees from its high of 83.05 over the last two days,” said <keyword id="20865684" type="General" weightage="20" keywordseo="jateen-trivedi" source="keywords">Jateen Trivedi</keyword>, <keyword id="21053778" type="General" weightage="20" keywordseo="vp-research-analyst" source="keywords">VP Research Analyst</keyword>, <keyword id="19956971" type="General" weightage="20" keywordseo="lkp-securities" source="keywords">LKP Securities</keyword>. The dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.72% to 104.17 as concerns over the slowing global economy boosted demand for the greenback. Most Asian currencies suffered from the better-than-expected US economic data, with the Chinese Yuan as well as the Korean Won falling in the trade. The rupee also reversed its strong performance on Thursday, when it had closed 6 paise higher. Even the gains seen in domestic equities on Friday could not stem the fall. Most experts see the currency trading in a volatile zone. “Despite strong gains in the domestic equity markets and profit-taking in global crude oil, the rupee witnessed a drastic fall. We expect the rupee to remain volatile next week and the pair could trade in the range of 83.10-83.70,” said <keyword id="20929844" type="General" weightage="20" keywordseo="rahul-kalantri" source="keywords">Rahul Kalantri</keyword>, VP-commodities at <keyword id="20318557" type="General" weightage="20" keywordseo="mehta-equities" source="keywords">Mehta Equities</keyword>. Analysts said dollar demand from importers, mainly oil companies, and debt repayment outflows weighed on the rupee. Brent crude is trading at around $85 per barrel on Friday. “Despite the dovish view on interest rates in the US, specific data-driven interest rate cuts are still distant. The rupee's range can be expected to be between 82.85-83.55, with volatility likely to persist," says Jateen Trivedi, VP Research Analyst, LKP Securities giving reasons for the currency’s volatility. (With PTI inputs)

Rupee slips to a three-month low after the greenback’s sharp upward march

The rupee reversed its four-day losing streak and rose 18 paise to 82.58 (provisional) against the US dollar on Friday, tracking positive sentiments in the domestic equity markets. Traders said a weak dollar overseas also supported the rupee. At the interbank foreign exchange, the domestic unit opened strong at 82.50 against the dollar and traded between 82.50 and 82.75. It finally settled at 82.58 (provisional) against the American currency, registering a gain of 18 paise against its previous close. On Thursday, the rupee settled at 82.76 against the US dollar. <keyword id="14539133" type="General" weightage="80" keywordseo="jateen-trivedi" source="Orion">Jateen Trivedi</keyword>, VP Research Analyst at <keyword id="351825" type="General" weightage="80" keywordseo="lkp-securities" source="Orion">LKP Securities</keyword>, said the movement in the rupee's favour was triggered as the participants offloaded the dollar following "positive sentiments as Eleven US banks, JP <keyword id="152186" type="General" weightage="80" keywordseo="morgan" source="Orion">Morgan</keyword> and others will deposit up to USD 30 billion into <keyword id="4670448" type="General" weightage="80" keywordseo="first-republic-bank" source="Orion">First Republic Bank</keyword> coming to rescue the lender caught up in a crisis triggered by the collapse of two US lenders". He, however, said the "rupee can continue the volatile moves as prices shall factor in the Fed's policy and Fed's viewpoint into the financial sector impacted by interest rate high cycle". Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent lower at 104.20. Global oil benchmark Brent crude futures rose 1.26 per cent to USD 75.64 per barrel. The 30-share BSE Sensex closed 355.06 points or 0.62 per cent higher at 57,989.90 points while the broader NSE Nifty climbed 114.45 points or 0.67 per cent at 17,100.05 points. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) remained net sellers in the domestic capital market on Thursday as they offloaded shares worth Rs 282.06 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-third-of-worlds-population-suffers-from-sleep-disorders-say-medical-experts/articleshow/98731255.cms">One-third of world's population suffers from sleep disorders say medical experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-gains-in-see-saw-trade-metal-banking-stocks-sparkle/articleshow/98733884.cms">Markets extend gains in see-saw trade; metal, banking stocks sparkle</a>

Rupee reverses 4-day losing streak, rises 18 paise to 82.58/USD

<ul><li>Passenger vehicles and two-wheeler sales in December fell sequentially after a blockbuster November. </li><li>Analysts expect the upcoming quarter to witness strong growth as Q4 is seasonally strong and auto companies have a slew of new launches planned. </li><li>Analysts say they remain positive on the auto industry’s prospects going forward, with its choices being CVs, <keyword id="1532242" type="General" weightage="80" keywordseo="pvs" source="Orion">PVs</keyword> and two-wheelers, in that order. </li></ul>Passenger vehicle and two-wheeler companies ended 2022 with a<a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-fall-below-expectations-even-as-tata-motors-mm-post-strong-growth/articleshow/96686550.cms"> dismal sales performance</a> in December, registering double-digit degrowth sequentially after a<a href="https://www.businessinsider.in/business/auto/news/november-2022-registers-best-ever-auto-sales-except-march-2020-fada/articleshow/96103887.cms"> blockbuster November</a>. However, analysts expect the upcoming quarter to witness strong growth, both due to the fact that Q4 is seasonally strong as people look to buy new vehicles at the beginning of a year. Added to that, new launches, refreshed models and a good monsoon season leading to possibly healthy rural demand — are driving up expectations of a better good quarter ahead. On the other hand, commercial vehicles and tractors drove the December auto sales, witnessing double-digit sequential growth across all segments thanks to a robust Rabi season and expectations of a healthy Kharif season. <div type="Article" hostid="261" msid="96686550" title="December auto sales fall below expectations even as Tata Motors, M&amp;M post strong growth" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki continues to struggle" comment="subhead" text="Maruti Suzuki continues to struggle"><keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> continues to struggle</cmsannotation> Market leader Maruti Suzuki continued to struggle, with its domestic sales and exports both declining on a year-on-year basis, by 10% and 2%, respectively. Its overall sales also declined on a sequential basis, falling 11.9% to 1,37,822 units in December 2022 from 1,50,134 units in November. The company’s customers are continuing to shun its small cars like Alto, Baleno, Swift and others in the mini, compact and mid-size segments. The total sales in these three segments fell to 68,421 units in December 2022, from 86,869 units in December 2021. “The shortage of electronic components had some impact on the production of vehicles, mainly in domestic models,” the company said in its exchange filing. Some of these problems are expected to ease up, hope analysts at <keyword id="351825" type="General" weightage="80" keywordseo="lkp-securities" source="Orion">LKP Securities</keyword>. “We believe the fourth and the last quarter of the year will witness stronger growth in the PV segment as the chip shortage issue eases further and new launches on both ICE (internal combustion engine) and EV sides do take place,” they said. The brokerage said it remains positive on the auto industry’s prospects going forward, with its choice being CVs, PVs and two-wheelers, in that order. Commercial vehicles and tractors are already performing well, reporting strong growth in December on both year-on-year as well as on a sequential basis. <cmsannotation type="cmsannotation" annotationid="Two-wheeler sales decline across the board, but 2023 could ring in positives" comment="subhead" text="Two-wheeler sales decline across the board, but 2023 could ring in positives">Two-wheeler sales decline across the board, but 2023 could ring in positives</cmsannotation> Two-wheeler sales were also muted during the month, with exports shrinking massively in the range of 23-39% across the top three two-wheeler companies Hero MotoCorp, <keyword id="46156" type="General" weightage="50" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> and <keyword id="6359783" type="General" weightage="80" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword>. The fall in exports was especially bad for Bajaj Auto, which reported a 39% fall during December. It relies far more heavily on exports than both Hero MotoCorp and <keyword id="62356" type="General" weightage="80" keywordseo="tvs" source="Orion">TVS</keyword> – its exports accounted for nearly half of its total sales in December. for TVS, exports stood at 33% of total sales, while Hero exported merely 3% of its total sales. According to analysts at LKP Securities, this also shields Hero from the exports weakness, which means it is the best placed to take advantage of Q4. “We like Hero Motocorp as we believe it is almost free from the exports weakness and is also led by strong monsoons barring a few eastern states, improvement in rural economy and upcoming EV launches,” the brokerage said in its report. Analysts at ICICI Direct Research say they expect the premiumisation trend in the 2W segment to continue going forward. Additionally, with the Auto Expo scheduled for February this year, auto companies are expected to launch new vehicles, which should give a boost to their sales volumes. SEE ALSO: <a href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">BharatPe CEO Suhail Sameer to step down, Nalin Negi to take over in the interim</a> <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-fall-below-expectations-even-as-tata-motors-mm-post-strong-growth/articleshow/96686550.cms">December auto sales fall below expectations even as Tata Motors, M&amp;M post strong growth</a>

PV and 2W sales disappoint in December, but stronger growth ahead, say analysts

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 6 paise to close at 83.31 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday following a weak greenback against major currencies overseas and softening <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> in international markets. However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said. At the interbank <keyword id="136565" type="General" weightage="20" keywordseo="foreign-exchange-market" source="Orion">foreign exchange market</keyword>, the local unit opened strong at 83.32 and touched an intraday high of 83.26 and a low of 83.36. The domestic unit finally settled at 83.31 (provisional), a gain of 6 paise from its previous close. On Friday, the rupee had settled at 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>. The <keyword id="21021209" type="General" weightage="20" keywordseo="forex-market" source="keywords">forex market</keyword> was closed on Monday on account of general elections. "A decline in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices and fresh foreign inflows also supported the rupee. US Dollar softened on rate cut expectations by Fed but hawkish comments by Fed officials supported the US dollar at lower levels," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. On the domestic equity market front, the 30-share BSE Sensex fell 52.63 points or 0.07 per cent to settle at 73,953.31, while the broader NSE Nifty rose 27.05 points or 0.12 per cent to 22,529.05. "The rupee traded positively. This strength is attributed to predictions of the current government winning the general election, leading to increased stability. "Additionally, Domestic Institutional Investors (DIIs) have been actively buying into capital markets. Soft crude prices and a stable dollar index also supported the rupee. The expected range for the rupee in the upcoming sessions is between 83.00 and 83.50," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Saturday, as they sold shares worth Rs 92.95 crore, according to exchange data. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.38. Brent crude futures, the global oil benchmark, declined 0.97 per cent to USD 82.90 per barrel.

Rupee rises 6 paise against US dollar as crude oil prices ease

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> climbed Rs 230 to Rs 72,250 per 10 grams in the national capital on Monday amid a jump in precious metal rates in the international markets, according to HDFC Securities. The yellow metal had settled at Rs 72,020 per 10 grams in the previous session. <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">Silver prices</keyword> also jumped Rs 700 to Rs 84,300 per kg. It had closed at Rs 83,600 per kg in the previous close. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,250 per 10 grams, up Rs 230, taking positive cues from the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Globally, spot gold at <keyword id="20507568" type="General" weightage="20" keywordseo="Comex" source="keywords" meta.keywordsubtype="org" meta.entityname="Comex" meta.hostid="261" meta.entityid="Comex">Comex</keyword> was trading at USD 2,312 per ounce, up USD 11 from the previous close. Gold resumed trading on a positive note as Friday's weaker-than-expected <keyword id="21550543" type="General" weightage="20" keywordseo="US-job-market-reports" source="keywords">US job market reports</keyword> have boosted the odds of a September rate cut from the US Federal Reserve. This turned negative for the US dollar and helped the gold price rebound above the USD 2,300 level, Gandhi said. Silver was also quoting higher at USD 27.05 per ounce. In the previous session, it had ended at USD 26.55 per ounce. Meanwhile, in the futures trade on the Multi Commodity Exchange (<keyword id="19925779" type="General" weightage="20" keywordseo="MCX" source="keywords" meta.keywordsubtype="org" meta.entityname="MCX" meta.hostid="261" meta.entityid="MCX">MCX</keyword>), gold bounced Rs 657 to trade at Rs 71,325 per 10 grams. The most traded June contract hit an intra-day high of Rs 71,447 per 10 grams at 1840 hrs. Further, silver contracts for July delivery were also trading higher by Rs 1,623 or 2 per cent to Rs 82,666 per kg on the bourse. "Gold prices surged over Rs 500 in MCX to hit Rs 71,200 due to renewed conflict in the Middle East and weak US jobs data. This data increased expectations of an earlier US interest rate cut, which is positive for gold prices. "The forecast is for gold to trade in a range of Rs 70,000 to 72,500 in the near future," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. According to Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, "Focus will be on Services Purchasing Managers Index (PMI) and Producer Price Index (PPI) from the EU will further provide more direction for the gold prices. A broader trend on COMEX could be in the range of USD 2,275-2,330 level, Damani said.

Gold prices today: Yellow metal climbs Rs 230 while silver jumps Rs 700

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have corrected sharply by 7% or Rs 5,000 per 10 grams in the local markets after the government slashed the basic customs duty on gold. Lower costs will encourage more people to invest in the yellow metal, both as a commodity and as a financial asset, experts say. Analysts said customs duty cut has made gold imports cheaper. The move will help curb the rampant issue of gold smuggling, leading to growth in the organised <keyword id="22107284" type="General" weightage="20" keywordseo="jewellery-sector" source="keywords">jewellery sector</keyword>. "The cut in basic <keyword id="20330317" type="General" weightage="20" keywordseo="custom-duty" source="keywords">custom duty</keyword> on gold prices makes the yellow metal cheaper. While this can lead to weaker market sentiments due to the sudden change, <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword> stand to benefit from the new, more attractive pricing for gold," said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities Echoing similar sentiments, Krishnan R, Director &amp; CEO of Unimoni Financial Services said lower costs will encourage more people to invest in gold, both as a commodity and as a financial asset, which is often seen as a hedge against inflation and currency devaluation. Following the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> announcement by finance minister Nirmala Sitharaman that the government has slashed basic customs duties on gold and silver from 15 per cent to 6 per cent, gold prices crashed by Rs 3,350 to Rs 72,300 per 10 grams in the national capital on Tuesday. The precious metal prices continued the downtrend and plunged by Rs 650 on Wednesday. The yellow metal rates saw another steep fall on Thursday, nosediving by Rs 1,000 to settle at Rs 70,650 per 10 grams, as per the All India Sarafa Association. After the duty cut, the yellow metal has declined Rs 5,000 per 10 grams or 7.1% in the past three sessions, since July 23 when it had fallen Rs 3,350 to end at Rs 72,300 per kg. Also, gold of 99.5% purity declined by Rs 1,000 to Rs 70,300 per 10 grams on Thursday. It had also lost ground by Rs 5,000 per 10 grams in the previous three sessions. On Thursday, silver rates also lost ground by Rs 3,500 per kg to Rs 84,000 per kg. In the past three sessions, the rates of the bright metal fell sharply by Rs 7,000 or 8.3% to Rs 84,000 per kg from Rs 91,000 per kg. Traders also said that a sharp correction in gold prices have revived the demand for jewellery among consumers as they flocked to jewellery outlets to take advantage of lower prices. "The reduction in basic custom duties have spurted the demand for jewellery in the domestic markets. Further, this will act as a sales booster for jewellers before the festive seasons, encouraging fresh buying by the consumers due to lower prices," PC Jeweller's Managing Director Balram Garg. Low gold prices will help domestic jewellers, particularly the organised ones, Garg said. According to MP Ahammed, Chairman, Malabar Group, the reduction has been a long-standing demand of traders in the gold sector, as it is expected to curb the rampant issue of gold smuggling, which poses a substantial threat to the Indian economy. "With the new rates, the duty on one kilogram of gold drops from Rs 9.82 lakh to Rs 3.93 lakh, making smuggling less attractive and more manageable. "This move will help dismantle the mafia chain involved in smuggling, leading to growth in the organised jewellery sector and increasing government revenue through GST and income tax," Ahammed said. Meanwhile, in futures trade on the <keyword id="20316358" type="General" weightage="20" keywordseo="multi-commodity-exchange" source="keywords">Multi Commodity Exchange</keyword> (MCX), gold futures have partially recovered on Friday, after three days of slump. The most traded August contract jumped Rs 288 to Rs 67,750 per 10 grams on the MCX. It had settled at Rs 67,462 per 10 grams in the previous session on Thursday. However, silver contracts for September delivery continued its downward trend by declining Rs 241 to Rs 81,090 per kg. It had closed at Rs 81,331 per kg in the previous session on Thursday. Experts anticipate stability in bullion prices once there is clarity on several economic and political factors such as interest rate cut by the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>. "Stability in gold prices is expected once there is clarity on several economic and political factors including, potential interest rate cuts in the US and India, and the outcome of the US Presidential elections will provide a clear direction for gold prices," Trivedi said.

Gold prices drop by Rs 5,000/10gm post Budget; bring cheers to retail investors

Declining for the second day in a row, <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> tumbled by ₹1,450 to ₹72,200 per 10 grams in the local market here due to profit-taking by traders and weak <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword>. <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">Silver prices</keyword> also tanked by ₹2,300 per kg. According to HDFC Securities, <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> prices declined by ₹1,450 to ₹72,200 per 10 grams in Delhi. The precious metal had closed at ₹73,650 per 10 grams in the previous session. Silver prices nosedived by ₹2,300 to ₹83,500 per kg. In the previous close, it had ended at ₹85,800 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at ₹72,200 per 10 grams, down by ₹1,450 amid bearish cues from overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at Comex was trading at USD 2,310 per ounce, down USD 55 from the previous close. Gold prices dipped further on Tuesday amid easing tension in the Middle East and signs that the <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword> will keep rates higher for longer, crimping demand. Traders also shifted their money flow from safe haven to riskier assets, leading to profit-taking in the precious metals following the recent rally, Gandhi said. Silver was also trading lower at USD 26.80 per ounce. In the previous session, it had ended at USD 27.95 per ounce. "Gold prices continued their downward trend and the decline was attributed to a sharp drop in Comex Gold, within a span of two days. "In the coming days, gold prices in MCX may find support near the ₹70,000 mark. However, if prices fall below this level, another sell-off towards ₹68,500 could occur, as risk sentiments of middle east cools off," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Meanwhile, in the futures trade on the MCX, gold tanked ₹754 to trade at ₹70,443 per 10 grams. The most traded June contract hit an intra-day low of ₹70,202 per 10 grams. Further, silver contracts for May delivery were also trading lower by ₹728 or 0.9 per cent to ₹79,851 per kg on the bourse. "The market will be anticipating upcoming macroeconomic data on Manufacturing PMI and Services PMI from the US, UK, and Europe on Tuesday, while monitoring any developments on the geopolitical front," Chintan Mehta, Chief Executive Officer at Abans Holdings, said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300

<ul><li>The Monetary Policy Committee (<keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword>) has decided to keep the repo rate unchanged at 6.5%. </li><li>Economists had expected the MPC to keep key rates unchanged due elevated inflation in December 2023.</li><li>A few experts hoped that it would change its stance to ‘neutral’ given the tight liquidity situation. </li></ul> The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>)’s rate setting panel – the Monetary Policy Committee – decided to keep its key lending rate (repo rate) unchanged at 6.5% on Thursday. It also decided to remain focussed on the ‘withdrawal of accommodation’ stance. RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> said that both the decisions have been taken with five out of six members voting in favour. Governor Das said there was further room for transmission. “Taking into account this growth-inflation dynamics and the fact that transmission of the cumulative 250 bps policy rate hike is still underway, the MPC decided to keep the policy repo rate unchanged at 6.50%. The MPC will carefully monitor any signs of generalisation of food price pressures which can fritter away the gains in easing of core inflation,” he said. The MPC also raised the FY24 real GDP growth projection to 7.3% from 7%. It also set FY25’s real GDP growth projections at 7%. “The momentum in economic activity seen in FY24 is expected to continue in FY25 as well,” Das said. It also projected FY25’s Q1 GDP growth at 7.2%, Q2 to see 6.8% growth, Q3 at 7% and Q4 at 6.9%. The MPC also retained FY24’s retail inflation projections at 5.4%, but set FY25’s inflation projections at 4.5%. It sees inflation for Q1 of FY25 at 5%, Q2 at 4%, Q3 at 4.6% and Q4 at 4.7%. “Monetary policy was supported by pro-active supply-side measures by the government. That said, the job is not yet finished, and we need to be vigilant about new supply shocks that may undo the progress made so far,” Das said. Das said that elevated levels of public debt was raising serious concerns in many economies including advanced economies. “On one hand, the odds of soft landing in the global economy increased. But the other hand, wars and conflicts add uncertainties to the outlook,” the governor said. Experts have been expecting the monetary policy committee (MPC) to keep its key rates unchanged. India’s retail inflation for December 2023 came in at 5.7%, which is much higher than RBI’s comfort level of 4%. “We expect the RBI to continue the pause stance in the upcoming policy. Strong US non-farm payroll data and wages seem to have pushed back on market expectations for a quick pivot to rate cuts. First rate cut on table from June or August 2024 looks the best bet now,” said a report by SBI Ecowrap. Ajit Kabi, research analyst at LKP Securities said that the RBI is likely to support economic growth with a cautious stance on inflation. “Consequently, we expect the unchanged policy rate and possibility of a shift in stance to NEUTRAL. Additionally, RBI may take steps to improve liquidity conditions. We expect a policy rate cut by June 24,” he added. There has been a pressure of liquidity which made a few experts hope that it could change its stance from ‘withdrawal of accommodation’. “There is a strong case for the RBI to change its stance from ‘withdrawal of accommodation’ to ‘neutral’. Financial conditions have tightened a lot in the last few quarters. Real rates are reasonably high and likely to increase further as inflation is trending down,” said Pankaj Pathak, Fund Manager- Fixed Income, Quantum AMC. While growth in deposits is much higher than last year on YTD basis as of January 12, the increase in credit and investments at ₹22.25 lakh crore is higher than that of deposits at ₹18.2 lakh crore. In terms of growth rates on a year-to-date basis, says Bank of Baroda data. Liquidity condition has also tightened with banking system liquidity running in deficit of over ₹2 lakh crore on daily basis. “Under these conditions there is some part of the market segment that believes that a change in stance is possible, though we believe that this will not be the case. The fact that the corridor of call rates is being maintained at between repo and Marginal Standing Facility (MSF0 rate, is indicative of the fact that the withdrawal of liquidity position would continue,” said <keyword id="20102121" type="General" weightage="20" keywordseo="madan-sabnavis" source="keywords">Madan Sabnavis</keyword>, chief economist at Bank of Baroda.

You Searched For "lkp securities" and got 9 results

Gold jumps ₹500 to scale record high of ₹65,650 per 10 grams

PTI

Rupee slips to a three-month low after the greenback’s sharp upward march

BI India Bureau

Rupee reverses 4-day losing streak, rises 18 paise to 82.58/USD

PTI

PV and 2W sales disappoint in December, but stronger growth ahead, say analysts

Rounak Jain

Rupee rises 6 paise against US dollar as crude oil prices ease

PTI

Gold prices today: Yellow metal climbs Rs 230 while silver jumps Rs 700

PTI

Gold prices drop by Rs 5,000/10gm post Budget; bring cheers to retail investors

PTI

Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300

PTI

RBI hikes GDP growth projection for FY24 to 7.3%, keeps rates, stance unchanged

Katya Naidu

Popular Keywords

Buying Guides