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Monday, October 12, 2020
Wednesday, October 7, 2020
Silver futures decline 1.24% to Rs 59,820 per kg on strong dollar
Silver prices slumped to Rs 59,820 per kg on October 7 as participants increased their short positions as seen by the open interest. The precious metal had lost 2.6 percent on the Comex the previous day.
Silver trade weaker after US President Donald Trump said that he would end negotiations on a new fiscal stimulus package until after the November 3 elections, bolstering the dollar. The US dollar index, measured against a basket of six currencies, gained 0.05 percent to trade at 93.78.
Also weighing on the precious metal is the warning from US Federal Chair Jerome Powell reiterating that the economy will stumble without support.
Silver holdings in iShares ETF were unchanged at 17,466.66 tonnes.
Sriram Iyer, Senior Research Analyst at Reliance Securities said, “International silver spot prices were firm this Wednesday afternoon in Asian trade, tracking firm gold prices and copper prices. Prices initially fell in the morning as the US dollar opened with modest gains after US President Donald Trump called off negotiations for a coronavirus relief stimulus package.”
“However, this Wednesday safe-haven appeal for the metal supported prices at lower levels of the session and prices were last trading up with solid gains. Surprisingly, COMEX silver futures are trading weak this Wednesday afternoon in Asian trade.”
MCX iCOMDEX Bullion Index fell 144.93 points, or 0.94 percent, at 15,285.36 at 14:51. The index tracks the real-time performance of MCX Gold and MCX Silver futures.
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Tuesday, October 6, 2020
Yellow metal trades flat; likely to find support near Rs 50,440
Gold was trading flat on October 6 with a negative bias following a muted trend in the international spot prices.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.13 percent at Rs 50,560 per 10 gram at 1000 hours. December silver futures were trading 0.10 percent lower at Rs 61,880 per kg.
Experts are of the view that support exists at Rs 50,400 and if the yellow metal surpasses 50,700, then an upside move towards Rs 51,000 is possible.
Gold and silver gained amid weakness in the dollar index and safe-haven buying due to more US White House officials testing COVID-19 positive. The dollar index slipped below the 93.50-mark during the evening session on October 5 and supported both the precious metals.
Gold also got support from better-than-expected US services data for September. In international markets, the metal settled at its highest levels in the last two weeks.
Despite the strength in the rupee, both the precious metals gained in domestic markets. Gold settled at Rs 50,626 per 10 gram and silver at Rs 61,941 per one kilogram.
“Gold is having support at $1904-1896 per troy ounce and resistance at $1930-1944 per troy ounce. Silver is having support at $24.20-23.88 per troy ounce and resistance at $24.84-25.20 per troy ounce,” he said.
Jain is of the view that on MCX, Gold has support at 50,440-50,300 and resistance at 50,800-50,950. Silver has support at 61,300-60,800 and resistance at 62,500-63,100. Both side moves are expected in the precious metals on October 6.
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Monday, October 5, 2020
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Thursday, October 1, 2020
Sensex jumps nearly 600 points, Nifty reclaims 11,400; 5 factors that fuelled the rally
Across-the-board healthy buying lifted market benchmarks Sensex and Nifty over a percent higher each in intraday trade on October 1.
Sensex jumped over 600 points while Nifty crossed 11,400 on the upside. At 12:50 hours, BSE Sensex was 626 points up at 38,694 while Nifty was 171 points up at 11,418.
Here are 5 factors that fuelled the rally in the market:
Unlock 5.0: The Ministry of Home Affairs (MHA), on September 30, announced the Unlock 5.0 guidelines, further relaxing curbs on activities outside of containment zones.
Cinemas, theatres, and multiplexes will be allowed to operate with up to 50 percent of their seating capacity, for which separate SOPs will be issued by the Ministry of Information and Broadcasting.
Business to Business (B2B) exhibitions will now be permitted to open, for which SOPs will be issued by the Department of Commerce.
Global shares tried to extend gains on Thursday on renewed hopes for fresh US stimulus measures, but mounting uncertainty ahead of America’s presidential election and technical problems in Japan kept gains in check, reported Reuters.
Bajaj Auto sold a total of 441,306 vehicles (commercial vehicles and two-wheelers) in September 2020, a 10 percent increase year-on-year (YoY) numbers as compared to the 402,035 units sold in September 2019, the company informed the exchanges on October 1.
Maruti's total sales went up 30.8 percent at 1.60 lakh units against 1.22 lakh units (YoY). Total sales grew 29 percent at 1.60 lakh units against 1.24 lakh units (MoM). Domestic sales went up 32.2 percent at 1.52 lakh units against 1.15 lakh units (YoY). Exports grew 9 percent at 7,834 units against 7,188 units (YoY). Domestic passenger vehicle sales jumped 33.9 percent at 1.47 lakh units against 1.10 lakh units.
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Wednesday, September 30, 2020
Oil drops second day as surging coronavirus cases prompt demand worries
Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.
Brent crude dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7%, to $39.29.
The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months.
"It is important to keep in mind that moves to the downside have the potential to be supersized," given rising coronavirus cases and increasing oil supplies around the world, said Bob Yawger, director of energy futures at Mizuho in New York.
CEOs of the world's biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices in the coming months and potentially years.
Weighing heavily on markets is the continued depressed demand for jet fuel, with air travel in the doldrums due to coronavirus restrictions and a general disinclination to travel.
Refineries have been trying to find ways to blend their product but an oversupply remains and some plants will be forced to shut down.
Marathon Petroleum Corp, the largest oil refiner in the United States, started imposing job cuts on Tuesday, according to people familiar with the matter.
To counter the fall in demand the Organization of the Petroleum Exporting Countries is unlikely to increase oil production as planned from January next year, traders said on Tuesday.
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Gold and silver have seen a steady climb through the last week with few deviations. At the same time, the US Dollar has weakened, bolstering... -
Gold prices steadied on Monday as grim U.S. jobs data bolstered hopes for more fiscal stimulus, although optimism around coronavirus vaccine... -
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