Latest news with #PranavMer
The Print
3 days ago
- Business
- The Print
Gold marginally higher; silver rises Rs 100/ kg
Silver prices went up by Rs 100 to Rs 1,00,200 per kg (inclusive of all taxes) on Tuesday. The precious metal of 99.5 per cent purity climbed Rs 200 to Rs 98,600 per 10 grams (inclusive of all taxes). New Delhi, Jun 3 (PTI) Gold prices gained Rs 70 to Rs 99,000 per 10 grams in the national capital on Tuesday, supported by rupee depreciation, according to the All India Sarafa Association. The rupee declined 21 paise to settle at 85.60 (provisional) against the US dollar on Tuesday, weighed down by a firm American currency and outflow of foreign funds. Meanwhile, spot gold in the global markets fell by USD 25.22 per ounce or 0.75 per cent to USD 3,356.41 per ounce. 'Gold prices are trading lower on profit-booking but underlying bias remains positive amid a rise in the safe-haven demand due to broad weakness in the US dollar, and escalation in the Russia-Ukraine war, rising economic uncertainty due to US-led tariff war,' Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services, said. HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said traders are now anticipating the release of US macroeconomic data, such as JOLTS Job Openings data, along with speeches from key Federal Open Market Committee (FOMC) members, will influence the bullion prices. PTI HG HG SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
19-05-2025
- Business
- Hans India
Sensex, Nifty end lower over profit booking
Mumbai: The Indian stock market began the week on a weak note as benchmark indices ended lower on Monday, mainly due to profit booking at higher levels. The Sensex fell by 271.17 points, or 0.33 per cent, to close at 82,059.42. The Nifty also ended in negative territory, falling by 74.35 points or 0.30 per cent to settle at 24,944.85. 'Technically, the index appears to be in a consolidation phase, which may continue for the next few days. The index may remain under pressure unless it reclaims the 25,000 level,' Rupak De of LKP Securities said. 'On the downside, the Nifty could drift toward the 24,800–24,750 zone. A deeper correction may be likely if it breaks below 24,750. Conversely, a move above 25,000 could trigger a rally toward the 25,250–25,350 range," he added. Several major stocks saw declines on the 30-share index, including Infosys, which slipped 1.95 per cent, and Tata Consultancy Services (TCS), which was down by 1.20 per cent. Tech Mahindra dropped 1.19 per cent and Asian Paints lost nearly 1 per cent. Eternal (formerly Zomato) also declined around 3 per cent during the intra-day session. Power Grid Corporation led the gainers with a rise of 1.27 per cent, followed by Bajaj Finance, which gained 0.91 per cent. NTPC added 0.64 per cent, State Bank of India (SBI) rose 0.32 per cent, and HDFC Bank ended slightly higher with a 0.17 per cent gain. While the large-cap stocks saw selling pressure, the broader markets held their ground. The Nifty Smallcap100 index climbed 0.51 per cent, and the Nifty Midcap100 index managed a small gain of 0.07 per cent. This indicates that despite weakness in frontline stocks, investors showed some interest in select small and mid-sized companies. The Nifty Realty and PSU Bank indices were the top performers among sectoral indices, gaining 2.25 per cent and 1.50 per cent, respectively. Other sectors that ended in the green included Bank Nifty, Auto, Financial Services, Metal, Pharma, and Healthcare, indicating buying interest in select segments. However, IT, FMCG, Media, Consumer Durables, and Oil and Gas ended in the red, with the Nifty IT index emerging as the worst performer, falling by 1.37 per cent. The market volatility saw an uptick. The India VIX, often referred to as the fear gauge, jumped 4.89 per cent to close at 17.36. Meanwhile, gold prices started the week on a positive note as safe-have bids rose after Moody's downgraded the US sovereign credit rating to AA1 from AAA, while concerns over trade tariffs and middle-east geo-political tensions is likely to the bullion supported. 'Focus during the week will be on the US data on manufacturing/services PMI, and housing data,' said Pranav Mer of JM Financial Services Ltd.
Economic Times
15-05-2025
- Business
- Economic Times
Gold forecast: Analysts see further correction as prices hit 1-month low
Gold June futures on MCX fell to Rs 90,890 per 10g, down 8.5% from peak, amid easing geopolitical tensions, weak U.S. data, and waning safe-haven demand. Tired of too many ads? Remove Ads Why gold prices are falling Easing geopolitical risk premium in the global market, shifting focus to Russia-Ukraine peace talks, U.S. retail sales data, producer inflation, and Federal Reserve policy. Ongoing trade negotiations between the U.S., South Korea, Japan, and India, as well as a temporary trade truce between the U.S. and China. Stabilizing geopolitical tensions between India and Pakistan, reducing safe-haven demand. Lower-than-expected U.S. inflation data, raising prospects of potential rate cuts by the Federal Reserve, is another factor contributing to the easing of the gold price. Technical outlook for gold Tired of too many ads? Remove Ads Gold June futures contracts on the Multi Commodity Exchange (MCX) fell to a one-month low, touching Rs 90,890 per 10 grams in today's session. This decline marks a sharp pullback from the yellow metal's all-time high of Rs 99,358 per 10 grams, highlighting the volatility in gold prices amid changing market fall in gold prices marks a sharp decline of 1.5% just from its closing price on Wednesday, and a massive 8.5% from its peak drop in gold prices has been largely attributed to easing geopolitical tensions and a decline in demand for safe-haven Chainani, Head - Research at Augmont, cited that gold has broken the double-top neckline support, indicating potential downside risks in the near term."Prices are now expected to move towards the $3,000 - $3,050 range, equivalent to Rs 87,000 - Rs 88,000 per 10 grams," she the charts, Chainani stated, resistance is expected at Rs 92,350 - Rs 92,600, while support levels are marked at Rs 90,500 and Rs 89, Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, stated that gold prices are likely to see an extended corrective move as key chart supports are breached at $3190 in the international spot and Rs 92,000 on MCX.'Price decline remains supported by easing geopolitical risk premium in the global market. Now, in the session ahead, focus will be on Russia-Ukraine peace talks, U.S. data on retail sales, producer inflation, jobless claims and Fed chairman's speech,' Mer the charts, he said that resistance is seen at Rs 92,350-92,600, and downside support at Rs 90,500-Rs 89,700.
Hans India
22-04-2025
- Business
- Hans India
Gold nears Rs 1 lakh-mark on weak dollar & tariff war woes
New Delhi: Gold prices inched closer to the psychological mark of Rs 1 lakh per 10 grams as the bullion rates surged Rs 1,650 in the national capital on Monday on weak dollar and uncertainties over US-China trade war driving demand. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity reached Rs 99,800 per 10 grams on Monday. Its value had declined Rs 20 to close at Rs 98,150 per 10 grams on Friday. Gold of 99.5 per cent purity bounced Rs 1,600 to hit a fresh peak of Rs 99,300 per 10 grams in the local markets. It had fallen marginally to settle at Rs 97,700 per 10 grams in the previous market close. In the Hyderabad market, the 24-carat gold was priced at Rs 99,660 per 10 grams on Monday. So far this year, the yellow metal prices have risen Rs 20,850, or 26.41 per cent, per 10 grams since December 31, last year. Silver prices also appreciated Rs 500 to Rs 98,500 per kg. The white metal had traded flat at Rs 98,000 per kg on Friday. "This year, gold and silver prices have experienced significant movements due to ongoing trade tensions, rate cut expectations, geopolitical uncertainties and weakening dollar. So far, gold has soared over 25 per cent, including a 6 per cent gain since April 2 tariff announcement by the US administration," Satish Dondapati, Fund Manager at Kotak Mahindra AMC, said. On the Multi Commodity Exchange, gold futures for June delivery jumped Rs 1,621, or 1.7 per cent, to touch a fresh high of Rs 96,875 per 10 grams. In the international markets, spot gold rose to hit a fresh peak of $3,397.18 per ounce. Later, it pared some gains to trade at $3,393.49 per ounce. Globally, gold futures breached the psychological $3,400-mark for the first time ever, rising $80 per ounce, or 2.4 per cent. "Gold prices continued their positive momentum and have risen briefly above $3,400 per ounce, as trade tariff related uncertainty, weakness in the US dollar and rising Treasury yields continue to keep the bullion supported. "There has been increased buying activity among ETF investors, while upcoming festive demand in India is seen fulling additional support," Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services, said.
The Hindu
21-04-2025
- Business
- The Hindu
Gold nears ₹1 lakh-mark in Delhi on weak dollar, U.S.-China tariff war woes
Gold prices inched closer to the psychological mark of ₹1 lakh per 10 grams as the bullion rates surged ₹1,650 in the national capital on Monday on weak dollar and uncertainties over U.S.-China trade war driving demand. According to the All India Sarafa Association, the yellow metal of 99.9% purity reached ₹99,800 per 10 grams on Monday. Its value had declined ₹20 to close at ₹98,150 per 10 grams on Friday. Gold of 99.5% purity bounced ₹1,600 to hit a fresh peak of ₹99,300 per 10 grams in the local markets. It had fallen marginally to settle at ₹97,700 per 10 grams in the previous market close. So far this year, the yellow metal prices have risen ₹20,850, or 26.41%, per 10 grams since December 31, last year. Silver prices also appreciated ₹500 to ₹98,500 per kg. The white metal had traded flat at ₹98,000 per kg on Friday. "This year, gold and silver prices have experienced significant movements due to ongoing trade tensions, rate cut expectations, geopolitical uncertainties and weakening dollar. So far, gold has soared over 25%, including a 6% gain since April 2 tariff announcement by the U.S. administration," Satish Dondapati, Fund Manager at Kotak Mahindra AMC, said. On the Multi Commodity Exchange, gold futures for June delivery jumped ₹1,621, or 1.7%, to touch a fresh high of ₹96,875 per 10 grams. In the international markets, spot gold rose to hit a fresh peak of $3,397.18 per ounce. Later, it pared some gains to trade at $3,393.49 per ounce. Globally, gold futures breached the psychological $3,400-mark for the first time ever, rising $80 per ounce, or 2.4%. "Gold prices continued their positive momentum and have risen briefly above $3,400 per ounce, as trade tariff related uncertainty, weakness in the US dollar and rising Treasury yields continue to keep the bullion supported. "There has been increased buying activity among ETF investors, while upcoming festive demand in India is seen fulling additional support," Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services, said. Kaynat Chainwala, AVP of Commodity Research, Kotak Securities said gold prices continued its rally as the US dollar fell to a new three-year low and safe-haven buying intensified following U.S. President Donald Trump's threat to fire Federal Reserve Chair Jerome Powell. Spot silver in the Asian market hours rose nearly 1% to $32.85 per ounce. According to Abans Financial Services' Chief Executive Officer Chintan Mehta, market participants will closely watch President Trump's evolving tariff strategy and its broader economic impact, alongside commentary from Federal Open Market Committee (FOMC) members for clues on interest rate direction. Any signals of further easing or prolonged uncertainty could reinforce gold's appeal and keep safe-haven demand elevated, Mehta said.
