Latest news with #DakshGrover
India Gazette
13-06-2025
- Business
- India Gazette
Gold breaches Rs 1 lakh mark on MCX to hit all-time high, on Israel attack on Iran and weaker rupee
By Daksh Grover New Delhi [India], June 13 (ANI): Gold prices in India breached the Rs 1 lakh per 10-gram mark to reach at an all-time high level on Friday, boosted by the weakness in the domestic currency, and rising safe-haven demand as Israel launched an airstrike on Iran. Gold on Multi Commodity exchange (MCX), as of 10:40 am IST, was up about 1.8 per cent to reach 1,00,191 per 10 grams. Gold hit an all-time high at 1,00,403 per 10 gram earlier in the session.'Gold's safe-haven demand due to the Israel-Iran conflict, coupled with a stronger US dollar, has driven Indian (MCX) gold prices to new highs,' said Mrinesh Jain, Director, Bombay Bullion Metal Hub Indian rupee witnessed some weakness against the US dollar. A depreciating Indian rupee has made imported gold more expensive, further lifting domestic the geopolitical level, Israeli Prime Minister Benjamin Netanyahu on Friday announced the launch of a large-scale military campaign, Operation Rising Lion, aimed at dismantling what he described as an existential threat posed by Iran's nuclear and ballistic missile demand drives gold prices up as investors seek a secure store of value during times of economic or geopolitical support to gold may come as traders now expect a Federal Reserve interest rate cut of 50 basis points by the year-end, starting in September rather than October as previously anticipated, as reported by news agency interest rates generally increase gold's attractiveness by reducing the opportunity cost of holding a non-yielding asset, thus typically boosting its price.'If there is a sudden spike in gold rates, it would not be surprising. It is likely that gold prices will rise in international markets, as has been observed in recent times. I believe the main reason behind this is the sidelining of the U.S., which has affected the value of the dollar,' said Rajesh Rokde, Chairman of GJC.'For the next week, we expect GOLD prices to find support in the 96,600- 96,400 level range. Trading consistently below 96,400 levels would lead towards the strong support at 95,800 levels and then finally towards major support at 95,100 levels,' said Tejas Shigrekar, Chief Technical Research Analyst Commodities and Currencies at Angel One sister metal, silver, also witnessed an upside. At MCX, as of 10:36 am IST, it was up 0.7 per cent at Rs 1,06,657 per kilogram. (ANI)
India Gazette
05-06-2025
- Business
- India Gazette
Silver hits it highest level in 13-years on weaker USD and solid demand says experts
By Daksh Grover New Delhi [India], June 5 (ANI): Silver prices on Thursday, crossed USD 35 mark per ounce and hit its highest level since March 2012, boosted by a combination of factors such as weaker US dollar, rising geopoltical tension and robust industrial demand. 'With the trust in dollar decreasing silver appears to be a good avenue for money to move to and the Gold Silver ratio was recently above 1.10 so the only way forward was either silver prices rise up or gold prices fall, and thats what has happened silver has risen far more than gold,' said Mrinesh Jain Director, Bombay Bullion Metal Hub LLP. The gold-silver ratio, which shows how many ounces of silver are equivalent to one ounce of gold, helps the market assess future trends by reflecting how silver is performing in comparison to its historical relationship with gold. As reported by Reuters, the dollar prices fell across the board after weaker-than-expected U.S. private payrolls numbers highlighted continued easing in the labor market and data showed the U.S. services sector contracted for the first time in about a year in May. Silver typically moves inversely to the US dollar, when the dollar strengthens, silver prices fall, and when it weakens, silver tends to rise. Additionally, Silver is vital in industries which used in electronics, solar panels, EVs, medical devices, water purification, catalysts, mirrors, and semiconductors due to due to its top electrical, thermal, and antibacterial properties. With rising demand from clean energy and advanced tech, silver is becoming increasingly important beyond traditional uses like jewelry and coins. This can be seen as one of the factors behind the rise. On the geopoltical front, in a significant move invoking national security concerns, US President Donald J. Trump has announced a visa ban for international students planning to begin studies at Harvard University. Trump has also signed an order which imposes travel restrictions on nationals from 19 countries to the US, citing national security risks, according to the White House. Silver gains on safe-haven demand during economic and geopolitical uncertainty, simlar to gold. 'While silver is well-positioned to test further highs--possibly reaching Rs 1,30,000 per kilogram later this year,' said Ajay Kedia, director at Kedia Commodities, Mumbai. Adding, 'silver continues to reflect the dual narrative of a monetary hedge and an industrial growth story.' (ANI)
India Gazette
21-05-2025
- Business
- India Gazette
India to seek lithium and copper under new trade tie from Chile to power clean energy and industrial growth, says experts
By Daksh Grover New Delhi [India] May 21 (ANI): India may seek a stable supply of lithium and copper through the expanded new trade tie with Chile to boost its clean energy targets and industrial growth says India undergoes rapid industrial expansion and transitions toward cleaner energy sources, the demand for critical minerals like lithium and copper is expected to grow significantly. These minerals are essential for achieving India's clean energy targets, strengthening its manufacturing sector, and building robust is one of the world's leading producers of lithium and copper, stands out as a strategic trade partner. This collaboration aligns with India's broader objectives of achieving energy security and expanding its electric vehicle (EV) ecosystem.'The India-Chile CEPA (Comprehensive Economic Partnership Agreement) enhances India's commodity security, export competitiveness, and access to future minerals,' said Ajay Kedia, Director at Kedia Commodities in Mumbai. Chile plays a dominant role in the global lithium supply chain. According to the United States Geological Survey, Chile holds the world's largest lithium reserves, estimated at 9.3 million tons, and ranks third in total lithium resources after Bolivia and Argentina. Recent studies from Chile's northern Antofagasta salt flats suggest the country's lithium resources may be 28 per cent higher than previously estimated, further boosting its is equally critical for India, especially in sectors such as EV manufacturing, renewable energy systems, and electrical infrastructure. As the EV market expands, copper is increasingly used in batteries, motors, wiring, and charging reliance on a steady supply of these resources is reflected in its industrial activity. Domestic manufacturers across EV, battery, energy storage, and electrical equipment sectors are scaling up production to support clean energy goals. Copper, in particular, remains a key input for wire and cable manufacturing, automotive systems, and power transmission Kedia believes that securing a stable mineral supply and boosting trade across Latin America through the CEPA will enable India to strengthen its position in global supply chains and drive long-term economic growth.'It strengthens India's position in the global supply chain for energy transition, offers new markets for Indian industries, and aligns with long-term national goals like Make in India and green mobility,' he and Chile are preparing to launch negotiations under the Comprehensive Economic Partnership Agreement. Following the finalisation of the terms of reference on May 9, talks are set to begin by May 26. The agreement is expected to enhance trade cooperation, particularly in critical sectors like minerals and clean energy. (ANI)
Yahoo
18-03-2025
- Business
- Yahoo
Gold holds below $3,000 ahead of Fed rate decision
By Daksh Grover (Reuters) - Gold prices firmed on Monday, sitting just below the $3,000-mark that was broken last week, with the focus on trade tariffs and the U.S. Federal Reserve's policy meeting. Spot gold was up 0.5% at $2,998.14 an ounce by 01:30 p.m. ET (1730 GMT), having hit a record high of $3,004.86 on Friday. [GOL/] U.S. gold futures settled 0.2% higher at $3,006.10. The Federal Reserve will give its new economic projections this week, which will provide the most tangible evidence yet of how U.S. central bankers view the likely impact of President Donald Trump's policies that have clouded a previously solid economic outlook. There are "no guarantees" there will not be a recession in the United States, although there could be an adjustment, Treasury Secretary Scott Bessent said on Sunday. "I expect some consolidation in gold now, the market is in a 'wait-and-see' mode ahead of the Fed's decision," said David Meger, director of metals trading at High Ridge Futures. Markets expect the U.S. central bank to hold interest rates on Wednesday, with the next cut in June. [FEDWATCH] Zero-yield bullion is considered a hedge against uncertainty and tends to thrive in a low-interest environment. Data showed U.S. retail sales rebounded by less than expected in February, signalling moderate economic growth despite import tariffs and federal worker layoffs dampening sentiment. "Should economic data continue to soften and the global tariff war escalate, gold will continue to benefit," analysts at Heraeus Metals said in a note. Trump, meanwhile, said he plans to speak to Russian President Vladimir Putin on Tuesday and discuss ending the war in Ukraine. Spot silver was unchanged at $33.78 an ounce and palladium was up 0.2% at $967.01, while platinum added 0.9% to $1,002. Sign in to access your portfolio
Yahoo
25-02-2025
- Business
- Yahoo
Gold hits new record high on tariff worries, exchange-traded fund inflows
By Daksh Grover (Reuters) - Gold prices surged to a record high on Monday, driven by safe-haven demand amid concerns over U.S. President Donald Trump's tariff plans, with additional support coming from inflows into the world's top gold-backed exchange-traded fund. Spot gold rose 0.4% to $2,947.48 an ounce as of 01:55 p.m. ET (1854 GMT). It hit $2,956.15 earlier in the session — its eleventh record high in 2025. U.S. gold futures settled 0.3% higher at $2,963.20. U.S. dollar index touched its lowest level since December 10 earlier in the session, making bullion more affordable for buyers using other currencies. [USD/] "Investors believe that in the coming weeks and months or longer than that gold prices are going to continue to appreciate," said Jim Wyckoff, a senior market analyst at Kitco Metals. "The path of least resistance for gold remains sideways to higher and as long as uncertainty persists, gold is likely to continue rising." U.S. President Donald Trump warned of imminent new tariffs last week. These plans are broadly viewed as inflationary and capable of sparking trade wars, thereby increasing the demand for safe-haven assets like bullion. SPDR Gold Trust, the world's largest gold-backed ETF, said its holdings rose to 904.38 metric tons on Friday, the highest since August 2023. [GOL/ETF] Prices holding above $2,950 per ounce are drawing investor focus toward the $3,000 mark, with the metal up more than 12% in 2025. Investors will watch Friday's U.S. Personal Consumption Expenditures report, the Fed's preferred inflation gauge. The Fed is likely to wait until next quarter before cutting rates again, according to a majority of economists in a Reuters poll who previously expected a March cut. Also, on the radar are speeches from at least nine U.S. central bank officials this week, who are expected to reinforce a cautious stance on further rate cuts. Spot silver fell 0.7% to $32.32 an ounce, platinum shed 0.7% to $962.70 and palladium lost 2.6% to $944.19. Sign in to access your portfolio
