Can gold retain its glitter as Dalal Street gets back its glow?
China has also decided to remove tariffs on some US goods, which is seen as a move to reduce tensions. At the same time, the US has said it will ease the impact of auto tariffs. These steps are expected to improve trade relations between large economies.Jateen Trivedi, Vice President and Research Analyst for Commodities and Currency at LKP Securities, said, 'The fall in gold demand came as the US began tariff talks with many countries. Hopes for a China-US trade deal and possible peace between Russia and Ukraine have also reduced the need for gold as a safe option.'advertisementHe explained that when global tensions fall, investors tend to move their money away from safe options like gold and into other investments that might offer better returns. This shift has pulled down gold prices both globally and in India. At one point, gold had climbed to $3,500.05 per ounce due to fears of a global slowdown and market uncertainty.MARKET OUTLOOK FOR GOLDRahul Kalantri, Vice President of Commodities at Mehta Equities, said gold prices dipped early Monday due to low demand in China. However, they recovered slightly later in the day due to global risk worries and some profit-taking in the US dollar.He said that recent border tensions between India and Pakistan, and attacks in Iran, briefly pushed gold prices up again. But the rise didn't last long.Kalantri shared current levels for gold and silver. He said gold has support at $3,310–$3,288 and resistance at $3,360–$3,378. In India, this means gold has support at Rs 95,450–Rs 95,080 and resistance at Rs 96,750–Rs 97,290. Silver is also facing pressure, with support at Rs 95,680–Rs 94,850 and resistance at Rs 97,150–Rs 97,950.Dr. Renisha Chainani, Head of Research at Augmont, said that gold prices could rise again if a new global issue appears. She said that if gold moves above $3,380 (about Rs 96,400), it could go up to $3,435 (around Rs 97,400), and possibly reach $3,500 again (about Rs 99,400).advertisement(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
32 minutes ago
- India Today
ED seizes over Rs 127 crore shares in Alchemist Group money laundering scam
In a significant move in the ongoing money laundering probe against the Alchemist Group, the Directorate of Enforcement (ED) has seized shares worth Rs 127.33 crore of two hospitals — Alchemist Hospital and Ojas Hospital — located in Panchkula, hospitals are beneficially owned by Karan Deep Singh, son of former Rajya Sabha MP Kanwar Deep Singh. The seizure was carried out under the Prevention of Money Laundering Act (PMLA), 2002, as part of the ED's investigation into a large-scale financial scam involving fraudulent investment schemes and misappropriation of public case stems from an FIR initially lodged by Kolkata Police, which was later transferred to the Central Bureau of Investigation's (CBI) Anti-Corruption Branch in Lucknow. The companies under scrutiny include Alchemist Township Private Ltd and Alchemist Infra Realty Private Ltd and other group entities, with charges framed under IPC Sections 120-B (criminal conspiracy) and 420 (cheating). According to the ED, the Alchemist Group defrauded thousands of investors by collecting over Rs 1,848 crore through illegal Collective Investment Schemes (CIS), falsely promising high returns and property allotments. The collected funds were subsequently syphoned off and laundered via a network of group companies to conceal their have found that the laundered money was ultimately diverted to acquire shares and develop infrastructure in the two hospitals now seized. Sorus Agritech Private Ltd, a company controlled by Karan Deep Singh, holds 40.94 per cent in Alchemist Hospital and 37.24 per cent in Ojas latest seizure follows a series of actions in the case. Kanwar Deep Singh was arrested by the ED on January 12, 2021. The agency filed a prosecution complaint on March 2, 2021, and a supplementary complaint on July 19, 2024. So far, the ED has seized assets worth Rs 238.42 crore through five separate provisional financial probe agency has alleged that the entire operation was a textbook case of corporate fraud and laundering, wherein public funds were syphoned off under the guise of real estate investments, then disguised as legitimate through hospital infrastructure and equity investments.- EndsMust Watch
News18
33 minutes ago
- News18
Home buyers fraud: ED secures custody of 2 Ramprastha Group directors
Gurugram, Jul 23 (PTI) The Directorate of Enforcement (ED) on Wednesday secured two-day custody of Sandeep Yadav and Arvind Walia, promoters of Haryana-based realty company Ramprastha Group, in connection with a money laundering probe linked to an alleged Rs 1,100 crore fraud with homebuyers. The two were arrested on Monday after the Gurugram zonal office of the federal probe agency raided three premises in Delhi and Gurugram, including those of the directors, early morning on that day. Yadav and Walia are directors and majority shareholders in Ramprastha Promoters and Developers Pvt Ltd (RPDPL). They were taken into custody under the Prevention of Money Laundering Act (PMLA). The federal probe agency produced the two in the court of an additional session judge, following which the ED secured their custody. The agency conducted a survey against the group in September 2024. It is alleged that the RPDPL collected about Rs 1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project) in various sectors of Gurugram during 2008-11. The possession of the flats or plots is yet to be given, even after 15-20 years, the sources said. Earlier this month, the agency attached colonies and plots spread across more than 1,900 acres and worth over Rs 681.54 crore of the group in Gurugram as part of this investigation. The money laundering case stems from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi and Haryana Police based on complaints of numerous homebuyers against RPDPL and its promoters, like Yadav, Walia and Balwant Chaudhary for their 'failure" to deliver promised flats and plots within the promised timeframes, the ED had said in a statement. The company and its promoters 'diverted" the funds sources from buyers of these projects to its group companies as advances for the purchase of land parcels, instead of using them for completion of promised homes, it had said. PTI COR AMJ AMJ AMJ (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 24, 2025, 00:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
37 minutes ago
- Time of India
Lodha Developers, Oberoi Realty shares fall up to 6% after block deals
NEW DELHI: Shares of Oberoi Realty and Lodha Developers saw large block deals worth USD 395 million (Rs 3,412 crore) on the stock exchanges, dragging the shares of two real estate majors down by up to 6 per cent on Wednesday. The deals, executed via open market transactions, involved the sale of institutional stakes in both companies. In case of Oberoi Realty, around 11 million or 1.1 crore equity shares -- equivalent to 3 per cent of the company's equity -- changed hands for USD 230 million (Rs 1,987.02 crore ) at a floor price of Rs 1,753.20 per share, reflecting a 4 per cent discount to the previous close, as per a term sheet accessed by PTI. Following the stake sale, shares of the Oberoi Realty fell 4.16 per cent to Rs 1,750.20 apiece on the NSE. Goldman Sachs acted as the sole placing agent for both transactions. Similarly, Mumbai-based Lodha Developers saw a block deal of around 9.8 million shares or 98 lakh shares, representing 1 per cent of its stake -- being sold for USD 165 million (Rs 1,424.97 crore). The floor price for the Lodha block deal was pegged at Rs 1,384.60 per share, also translating to a 4 per cent discount to the previous close on the bourse. Following the deal, the scrip of Lodha Developers declined by 6.64 per cent to Rs 1,346.50 per piece on the National Stock Exchange (NSE). "No confirmation was given on the identity of the seller or potential buyers, market participants expect the offloaded stakes to be picked up largely by domestic and foreign institutional investors, given the deal structure and volumes involved," sources said. Both block deals were executed as part of a clean-up trade by an existing stakeholder. The trades were conducted under Rule 144A and Regulation S guidelines, commonly used for placements to institutional and offshore investors, they added. Meanwhile, the selling pressure reflected in the NSE's Nifty realty index with all of its constituents trading in the red. The index fell 2.90 per cent to trade at 967.15, dragged down by losses in major stocks including Macrotech Developers (Lodha) and Oberoi Realty, which led the decline. Godrej Properties and Prestige Estates also witnessed significant losses, each shedding over 2 per cent in intraday trade. On Monday, Oberoi Realty reported a 28 per cent decline in its consolidated net profit to Rs 421.25 crore for the quarter ended in June on lower income. The net profit stood at Rs 584.51 crore in the year-ago period. Its total income fell to Rs 1,073.98 crore in the first quarter of this fiscal from Rs 1,441.95 crore in the corresponding period of the preceding year. On the operational front, the company has sold properties worth Rs 1,639 crore in the April-June quarter of 2025-26 fiscal.
