Latest news with #AbansFinancialServices'
The Print
6 days ago
- Business
- The Print
Gold climbs Rs 330 to Rs 98,930/10 g amid strong global cues
Gold of 99.5 per cent purity appreciated by Rs 300 to Rs 98,400 per 10 grams (inclusive of all taxes). It had settled at Rs 98,100 per 10 grams in the previous market session. The yellow metal of 99.9 per cent purity had closed at Rs 98,600 per 10 grams on Friday. New Delhi, Jun 2 (PTI) Gold prices climbed Rs 330 to Rs 98,930 per 10 grams in the national capital on Monday following a firm trend in the global markets, according to the All India Sarafa Association. Additionally, silver prices rose by Rs 100 to Rs 1,00,100 per kg (inclusive of all taxes) on Monday. On the global front, spot gold jumped USD 59.21 per ounce or 1.80 per cent to USD 3,348.61 per ounce. 'Gold prices rise amid growing uncertainty after President Donald Trump announced plans to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent, effective the day after tomorrow,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. On the geopolitical front, escalating geopolitical tensions between Russia-Ukraine and conflicts in the Middle East also lifted the gold prices, Mehta added. HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said investors will be monitoring the US May ISM Manufacturing Purchasing Managers & Index (PMI) report, which is scheduled to be released later in the day. According to commodities market experts, traders will also be awaiting the commentary by US Federal Reserve Chair Jerome Powell. The commentary by the Fed Chair Powell will play a key role in the future monetary policy outlook and will influence the price dynamics and determine the next leg of a directional move for the bullion prices, they said. PTI HG HG BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
29-05-2025
- Business
- The Print
Gold declines Rs 500 to Rs 98,500/10 g; silver trades flat
'Gold prices continued to correct as easing tariff risks, and a more cautious Federal Reserve dampened safe-haven demand,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. The yellow metal of 99.5 per cent purity fell Rs 500 to Rs 98,000 per 10 grams (inclusive of all taxes). New Delhi, May 29 (PTI) Gold prices declined by Rs 500 to Rs 98,500 per 10 grams in the national capital on Thursday amid weak global cues, according to the All India Sarafa Association. Mehta further said that the US Federal Reserve's May meeting minutes revealed that policymakers are adopting a wait-and-see approach on the timing of interest rate cuts, as they assess the economic impact of recent policy moves, including the now-blocked reciprocal tariffs by the US Court of International Trade. However, silver prices traded flat in the local markets at Rs 1,00,000 per kg (inclusive of all taxes) on Thursday. Additionally, the ongoing conflict between Israel and Hamas in the Middle East continues to fuel instability and global uncertainty, bolstering safe-haven demand for gold and providing some upward support to prices despite other headwinds, he said. Spot gold in the international markets fell by USD 17.94 per ounce or 0.54 per cent to USD 3,304.46 per ounce. Kotak Securities' AVP-Commodity Research Kaynat Chainwala said, 'Investors are now keenly awaiting US macroeconomic data later in the day, such as preliminary GDP, weekly jobless claims, and pending home sales, for further economic cues'. PTI HG HG SHW SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
15-05-2025
- Business
- The Print
Gold plunges Rs 1,800 to Rs 95,050/10 gm amid weak global demand
Gold of 99.9 and 99.5 per cent purity had closed at Rs 96,850 and Rs 96,400 per 10 grams on Wednesday. The precious metal of 99.5 per cent purity slumped Rs 1,800 to Rs 94,600 per 10 grams (inclusive of all taxes). New Delhi, May 15 (PTI) Gold prices plunged Rs 1,800 to Rs 95,050 per 10 grams in the national capital on Thursday amid a decline in precious metal rates in the overseas markets, according to the All India Sarafa Association. 'Gold prices are declining as investors move away from safe-haven assets. The recent agreement between the US and China to reduce tariffs for 90 days has eased fears of a full-scale trade war,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. As uncertainty fades, investors are shifting towards riskier assets, leading to a drop in short-term demand for gold, Mehta added. Silver prices also continuing its losing streak for the fourth straight day, declining Rs 1,000 to Rs 97,000 per kg (inclusive of all taxes). The white metal had settled at Rs 98,000 per kg in the previous market session. According to Axis Securities, the decline in bullion prices was reinforced by the stabilisation of geopolitical risks, notably the easing of India-Pakistan tensions and growing optimism surrounding potential US sanctions relief on Syria. Globally, spot gold fell USD 16.81, or 0.53 per cent, to USD 3,160.71 per ounce. Gold prices declined in the wake of easing geo-political risk in the global market, Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services, said. Investors will be focussing on Russia-Ukraine peace talks, US macroeconomic data such as producer inflation, jobless claims and US Federal Reserve Chair Jerome Powell's speech later in the day, which could provide more impetus on the future trajectory for bullion prices, Mer added. PTI HG TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
14-05-2025
- Business
- The Print
Gold declines Rs 650 to Rs 96,850/10 gm amid weak global cues
Gold of 99.5 per cent purity depreciated Rs 700 to Rs 96,400 per 10 grams (inclusive of all taxes). It had settled at Rs 97,100 per 10 grams on Tuesday. The precious metal of 99.9 per cent purity had closed at Rs 97,500 per 10 grams in the previous market session. New Delhi, May 14 (PTI) Gold prices declined Rs 650 to Rs 96,850 per 10 grams in the national capital on Wednesday amid a weak trend in global markets, according to the All India Sarafa Association. 'Gold prices continue to correct as trade tensions ease, with major economies securing trade agreements with the US. China is the latest to strike a deal, as both countries agreed to a 90-day reduction in tariffs on each other's goods,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. Extending the losses for the third straight day, silver prices plunged Rs 1,450 to Rs 98,000 per kg (inclusive of all taxes) on Wednesday. The white metal had ended at Rs 99,450 per kg in the previous close. However, geopolitical tensions in the Middle East remain elevated, keeping underlying support for safe-haven asset, Mehta said. Spot gold in the global markets dipped USD 20.65 to USD 3,229.64 per ounce. 'Gold is currently trading around USD 3,230 per ounce, supported by further signs of easing US-China trade tensions after the Trump administration announced plans to lower the 'de minimis' tariff threshold for low-value Chinese shipments to as low as 30 per cent,' Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said. Investors are awaiting US macroeconomic data, including producer price index and retail sales data, on Thursday for further clues on inflationary trends and consumer spending, she added. PTI HG TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Mayor
13-05-2025
- Business
- Business Mayor
Gold surges Rs 950 to Rs 97,500/10 g amid firm global cues
New Delhi: Gold price rallied by Rs 950 to Rs 97,500 per 10 gram in the national capital on Tuesday amid firm trend in overseas markets, according to the All India Sarafa Association. The precious metal of 99.5 per cent purity jumped Rs 1,000 to Rs 97,100 per 10 gram. On Monday, gold of 99.9 per cent and 99.5 per cent fell sharply by Rs 3,400 each to Rs 96,550 and Rs 96,100 per 10 grams, respectively. Meanwhile, silver depreciated Rs 250 to Rs 99,450 per kg against the previous close of Rs 99,700 per kg. 'Gold prices have risen again after a sharp correction, as safe-haven demand eased following a pause in the US-China trade war,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. The US agreed to cut tariffs on Chinese imports to 30 per cent from 145 per cent, while China reduced duties on US goods to 10 per cent from 125 per cent. This tariff relief brought some calm to global markets, leading to a rally in equities and a pullback in gold over the past two days, Mehta added. Globally, spot gold quoted higher at USD 3,253.38 per ounce. 'Gold fell over 3 per cent on Monday, lowest closing in nearly two weeks. However, the metal rebounded slightly on Tuesday, edging above USD 3,240 per ounce,' Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said. Read More The Best French Car Brands: From Alpine Trails To Goddesses The safe-haven demand emerged amid reports of Israeli airstrikes on Houthi rebel positions in Yemen, she said. Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said market participants are closely awaiting the US Consumer Price Index (CPI) data later in the day. The inflation print could influence the US Federal Reserve's interest rate outlook and, in turn, affect gold's trajectory, Trivedi added.
