Tag: silver

Crypto prices stable in India as investors await details of new Bill

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Cryptocurrency prices continued to be stable on Indian exchanges 48-hours after major crash of 15-20 per cent across tokens; though with the exception of Sandbox token. It was the highest gainer yesterday but today it is trading below at 12.29 per cent of its peak price from yesterday.

At 10:57 am on WazirX, Bitcoin’s price had slightly gone up by 0.21 per cent, Shiba Inu’s price increased by 4.2 per cent, Tether was up by 2.45 per cent, Ethereum was up by 6.1 per cent and Basic Attention Token (BAT) jumped by 32.6 per cent.

Also read: Only a handful of cryptocurrencies that exist today likely to survive: Raghuram Rajan

Clearing some of the air around uncertainty and confusion on the draft Crypto bill, Finance Secretary TV Somanathan on Thursday in an interview with CNBC-TV18 said that people had just overreacted to the development of the crypto bill which will be tabled in the parliament’s winter session.

“However, one thing I can say very clearly is that crypto will not be legal tender by any means. Gold is not a legal tender, silver is not a legal tender and alcohol is also not a legal tender, beyond that I will not be in a position to say anything more,” he said.

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Gold prices flat as markets await Fed tapering timeline, BFSI News, ET BFSI

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Gold prices were flat on Tuesday as investors adopted a risk-averse stance amid caution ahead of US Federal Reserve‘s policy meeting where the central bank is expected to provide cues on when it will begin tapering its asset purchases.

Bullion is considered as a hedge against inflation and currency debasement likely resulting from the widespread stimulus. A hawkish move by the Fed would diminish gold’s appeal, while an eventual interest rate hike would also raise the opportunity cost of holding the non-interest bearing asset.

FUNDAMENTALS
Spot gold was steady at $1,763.60 per ounce, as of 0123 GMT.

Prices had recovered on Monday from an over one-month low on safe-haven demand as China’s Evergrande debt woes fuelled sharp sell-off in stocks worldwide.

US gold futures were flat at $1,764.40.

Worries about the fallout from property developer Evergrande’s solvency issues spooked financial markets and lifted the dollar index, which hit a near one-month peak on Monday. A firmer dollar generally makes bullion more expensive for other currency holders.

Fed is likely to provide an outlook on how soon and how often they think the economy will need interest rates rises over the next three years when they release new forecasts at their policy meeting on Wednesday.

The volume of the European Central Bank‘s bond purchases is becoming “less important” as the economic outlook improves and the money-printing scheme becomes a tool for guiding rate expectations, ECB board member Isabel Schnabel said on Monday.

Russia’s gold reserves stood at 73.8 million troy ounces as of the start of September, the central bank said on Monday.

Silver edged up 0.1% to $22.26 per ounce, having hit a more than nine-month low of $22.01 in the previous session.

Palladium climbed 0.6% to $1,896.30 after slumping to its lowest level since June 2020 on Monday.

Platinum rose 0.5% to $915.05, having touched a 10-month low on Monday.



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Gold eases as investors eye US inflation data, BFSI News, ET BFSI

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Gold prices edged lower on Tuesday as a stronger dollar crimped bullion’s appeal ahead of US inflation data that could offer cues on the possible timeline for the Federal Reserve‘s tapering.

FUNDAMENTALS
Spot gold fell 0.2% to $1,790.74 per ounce by 0138 GMT.

US gold futures eased 0.1% to $1,792.10.

The dollar index was steady after hitting a two-week high on Monday, making gold more expensive for holders of other currencies.

US consumer price data is due at 1230 GMT. Economists expect core CPI, an index which strips out volatile energy and food prices, to have risen 0.3% in August from July.

Expectations of US consumers for how much inflation will change over the next year and the coming three years rose last month to the highest levels since 2013, according to a survey released on Monday by the New York Federal Reserve.

Inflation in the euro area will “in all likelihood” ease as soon as next year but the European Central Bank is ready to act if it does not, ECB policymaker Isabel Schnabel said on Monday.

A city in China’s southeastern province of Fujian has closed cinemas and gyms, sealed off some entries and exits to highways and told residents not to leave town as it battles a local COVID-19 outbreak.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,000.21 tonnes on Monday from 998.17 tonnes on Friday.

Silver fell 0.1% to $23.70 per ounce, platinum was down 0.1% at $959.71 and palladium rose 0.3% to $2,092.64.



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Gold steadies below $1,800 as firm dollar, yields weigh, BFSI News, ET BFSI

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Gold prices steadied on Wednesday, after slipping 1.6% in the previous session when it breached the key psychological level of $1,800, as gains in the dollar and a rise in US Treasury yields hurt bullion’s appeal.

FUNDAMENTALS
Spot gold rose 0.1% to $1,796.03 per ounce by 0116 GMT, hovering slightly above the more than one-week low of $1,791.90 hit on Tuesday.

US gold futures were steady at $1,799.40.

The dollar hovered near a one-week peak against major peers.

The benchmark 10-year Treasury note rose as high as 1.385% on Tuesday for the first time since mid-July, increasing the opportunity cost of holding non-interest bearing bullion.

US President Joe Biden will present on Thursday a six-pronged strategy intended to fight the spread of the Delta coronavirus variant and increase vaccinations.

Japan’s economy grew faster than the initially estimated in the April-June quarter, helped by solid capital expenditure, although a resurgence in COVID-19 is undermining service-sector consumption and clouding the outlook.

Russia’s Nornickel, world’s largest producer of palladium and high-grade nickel, has extracted additional metals from waste products as part of new technology it tested to support its 2021 output from its Arctic mines that were hit by flooding, it said on Tuesday.

Venezuela’s gold reserves fell by three tonnes in the first half of 2021 to their lowest level in 50 years, central bank data showed on Tuesday, as President Nicolas Maduro’s cash-strapped government continues selling gold as a source of income.

Silver rose 0.1% to $24.32 per ounce, platinum edged 0.3% higher to $1,001.36 and palladium was up 0.2% to $2,376.37.



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Gold firms on sluggish dollar ahead of US jobs data, BFSI News, ET BFSI

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Gold prices eked out small gains on Friday, buoyed by a weaker dollar, with investors awaiting the US jobs data to gauge the Federal Reserve’s plans to start tapering asset purchases.

FUNDAMENTALS
Spot gold rose 0.1% to $1,811.79 per ounce by 0115 GMT, but was headed for its first weekly decline in four.

US gold futures gained 0.2% to $1,814.80.

The dollar index fell to a one-month low, bolstering gold’s appeal to those holding other currencies.

The number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level in more than 24 years in August, suggesting the labor market was charging ahead even as new COVID-19 infections surge.

The Labor Department will release the non-farm payrolls report for August at 1230 GMT.

Solid jobs recovery is an import criteria for the US central bank to start paring pandemic-era stimulus measures.

Gold is considered a hedge against inflation which could result from massive economic stimulus measures.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 998.52 tonnes on Thursday, lowest level since April 2020.

Russia’s international gold and foreign currency reserves rose to a record $615.6 billion after receiving a tranche from the International Monetary Fund, the central bank said.

Silver rose 0.2% to $23.92 per ounce, while platinum inched 0.1% higher to $1,000.04. Palladium climbed 0.3% to $2,408.18.



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Gold steady on caution ahead of US jobs data, BFSI News, ET BFSI

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Gold prices held steady on Wednesday as investors awaited a key US jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures.

FUNDAMENTALS
Spot gold was steady at $1,813.93 per ounce by 0109 GMT.

US gold futures were down 0.2% to $1,815.10.

The dollar index clawed 0.1% higher, having hit a more than three-week low on Tuesday.

Friday’s US nonfarm payrolls data is expected to help shape the Fed’s stance on monetary policy.

Gold is considered a hedge against inflation and currency debasement, which can be caused by massive stimulus measures.

US consumer confidence fell to a six-month low in August as worries about soaring COVID-19 infections and higher inflation dimmed the outlook for the economy.

Euro zone inflation surged to a 10-year high this month with further rises still likely to come, challenging the European Central Bank‘s benign view on price growth and its commitment to look past what it deems a transient increase.

ECB policymaker Robert Holzmann called for reducing the central bank’s emergency bond purchases as soon as next quarter, adding he expected a discussion on the matter next week.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 1,000.26 tonnes on Tuesday, its lowest level since April 2020.

Silver was flat at $23.88 per ounce, while platinum rose 0.3% to $1,015.49. Palladium climbed 0.5% to $2,479.06.



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Gold firms on softer dollar, investors await US jobs data, BFSI News, ET BFSI

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Gold prices were underpinned by a subdued dollar on Tuesday, with investors looking ahead to US non-farm payrolls data, which could be key to the Federal Reserve‘s tapering decision.

FUNDAMENTALS
Spot gold rose 0.1% to $1,812.27 per ounce by 0116 GMT.

US gold futures were up 0.2% at $1,816.00.

The dollar hovered near two-week lows against a basket of currencies, steadying from falls after Fed chief Jerome Powell gave no signal regarding the central bank’s tapering timeline except that it could be “this year.”

Gold is considered a hedge against inflation and currency debasement in the wake of massive stimulus measures.

Cleveland Fed President Loretta Mester said the US economy is recovering strongly but she is not yet convinced that recent inflation readings will be enough to satisfy the price stability goal the central bank revamped a year ago.

The US non-farm payrolls report for August is due on Friday. The market is expecting an increase of 728,000 jobs, unemployment to fall to 5.2% from 5.4% and average hourly earnings to rise 0.4% month-on-month.

China’s factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world’s second largest economy.

Roughly 28% of Brazilian gold exports in 2019 and 2020 likely came from illegal mines, a report by public prosecutors and the Federal University of Minas Gerais found, pointing to widespread forging of documents and lack of effective law enforcement.

Silver fell 0.1% to $24.03 per ounce, while platinum eased 0.3% to $1,003.89.

Palladium dropped 0.7% to $2,476.22, having risen 3.1% in the previous session.



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Gold surpasses 45,000 mark today while silver struggles, BFSI News, ET BFSI

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Gold prices today rose in India as the U.S. dollar and Treasury yields eased, while President Joe Biden‘s $2 trillion-plus jobs plan supported the yellow metal’s appeal as a hedge against inflation. The dollar index pulled back after hitting a five-month high on Wednesday, making gold less expensive for holders of other currencies.

On MCX Gold May futures rose 0.23% to trade at Rs 45,040 per 10 gram, while Silver May futures traded 0.29% lower at Rs 63,630 per kg. Spot gold fell 0.16% to $1,713.20 per ounce, after touching its lowest since March 8 at $1,677.61 on Wednesday. In India, spot gold plunged by Rs 49 to Rs 43,925 per 10 gram on Wednesday reflecting overnight selling in global precious metal prices.

Gold is having support at $1700-1688 per troy ounce and resistance at $1724-1738 per troy ounce. Silver is having support at $24.20-23.80 per troy ounce and resistance at $24.88-25.20 per troy ounce

In the first three months of this year, gold is down about ₹5,000 per 10 gram in Indian markets and as compared to all-time high of ₹56,200, hit in August last year, the precious metal has corrected ₹11,000 from those levels.

According to Good Returns, the price of 10 grams of 22-carat-gold declined by Rs 250 to stand at Rs 43,370 from the earlier rate of Rs 43,620. Similar to the rates of 22-carat yellow metal, a fall of Rs 250 was witnessed in the prices of 10 grams of 24-carat gold which stood at Rs 44,370 compared to the previous day rate of Rs 44,620.



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Markets lose upward rally and closes flat; Nifty and sensex suffer minimal loss, BFSI News, ET BFSI

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The benchmark indices erased all the intra day gains and ended with marginal losses, breaking the six day winning momentum. The Sensex was down at 51,329.08, and the Nifty was down 0.04% at 15,109.30. Nifty Bank ended at Rs 36,065 adding 0.20% while BSE Bankex ended at Rs 40,724 adding 0.16%.

Amongst the top Gainers were- PNB at Rs 39 adding 2.76% followed by IDFC First Bank at Rs 50 adding 1.73%, Axis Bank at Rs 742 (0.86%), ICICI Bank at Rs 633 (0.60%), HDFC Bank at Rs 1,661 (0.41%). Major Indices that traded in the red were Induslnd Bank at Rs 1,025 (-0.90%), Bandhan Bank at Rs 328 (-0.71%), SBI at Rs 394 (-0.57%).

Nifty Financial Services ended at 16,905 adding 0.25%. Amongst the biggest losers were Bajaj Finance at Rs 5,400 (-1.77%) followed by Power Finance at Rs 125 (-1.68%), Bajaj Finserv at Rs 9,941 (-0.79%), Cholamandalm at Rs 459 (-0.34%). while all other major indices traded in Red, few managed to remain in the Green including HDFC at Rs 2,747 adding 0.50% and Indiabulls Hsg at Rs 218 (0.05%).

Other key takeaways

Fitch Ratings
India’s 2021-2022 budget has proposed relaxing foreign-ownership caps on insurers and listing India’s largest state-owned insurer, measures that Fitch Ratings says will help the industry attract foreign capital, strengthen solvency and promote competition.

The proposals could encourage global insurers to enter the fast-expanding Indian market, while international insurers already holding minority stakes in domestic companies may try to increase their ownership over the medium term.

Bitcoin jumps to new highs
Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesla Inc’s investment in the cryptocurrency had investors reckoning it would become a mainstream asset class for both corporates and money managers.

Bitcoin has more than doubled over two months as institutional investors search for alternative wealth stores and retail traders ride the wave. Monday’s leap after Tesla’s announcement was its largest daily rise in more than three years. It climbed to a new peak of $48,216 late in the Asian afternoon on Tuesday. Rival cryptocurrency ethereum had struck a record high of $1,784.85 in the early morning.

Central Bank Of India Q3
Net profit was up 6.5 percent at Rs 165.4 crore against Rs 155.3 crore (YoY). NII was up 10.2 percenat Rs 2,228.1 crore against Rs 2,021.9 crore (YoY). Gross NPA at Rs 29,486.1 crore against Rs 30,785.4 crore (QoQ). Net NPA at Rs 7,514.7 crore against Rs 8,683.6 crore (QoQ). Provisions at Rs 743.7 crore against Rs 1104.9 crore QoQ and against Rs 1,249.2 crore YoY.

Gold Updates
International gold and silver rose on Monday as expectations of a large US economic stimulus package bolstered bullion’s appeal. Domestic gold and silver prices rose on Monday tracking overseas prices. Domestic bullion traded flat to higher this Tuesday morning, tracking the overseas markets.

Technically, MCX Gold April resistance now is at 47950-48280 level. Support is at 47600-47350 levels. MCX Silver March witnessed a bounce back from 21-DMA at 67300 level & ended above 70000 indicating a sideways to upside momentum upto 70800-71500 levels.

Rupee Updates
Indian rupee ended higher by 8 paise at 72.88 per dollar, amid profit booking seen in the domestic equity market. It opened 8 paise higher at 72.88 per dollar against previous close of 72.96 and remained in the range of 72.84-72.93. The fund inflow from USA keeps dollar prices at check from rising, which helps rupee appreciation, along with no weakness in capital markets



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