Latest news with #AbansFinancialServices'
Hans India
02-07-2025
- Business
- Hans India
Gold rallies Rs 1,200, silver surges Rs 2,000
New Delhi: Cutting short the seven-day losing streak, gold prices rebounded by Rs1,200 to Rs98,670 per 10 grams in the national capital on Tuesday due to fresh buying by stockists in line with strong global trends, according to the All India Sarafa precious metal of 99.9 per cent purity had settled at Rs97,470 per 10 grams on Monday. Gold of 99.5 per cent purity climbed by Rs1,100 to Rs98,150 per 10 grams on Tuesday. It had closed at Rs97,050 per 10 grams in the previous market close. 'A retreat in the US dollar, driven by concerns over the ballooning US fiscal deficit and the market's focus on President Donald Trump's proposed tax-cutting and spending bill, has made gold more attractive,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. President Donald Trump has also threatened new tariffs on Japan ahead of the July 9 deadline for the implementation of reciprocal tariff.
The Print
01-07-2025
- Business
- The Print
Gold snaps 7-day losing streak; rallies Rs 1,200 to Rs 98,670/10 g
Gold of 99.5 per cent purity climbed by Rs 1,100 to Rs 98,150 per 10 grams (inclusive of all taxes) on Tuesday. It had closed at Rs 97,050 per 10 grams in the previous market close. The precious metal of 99.9 per cent purity had settled at Rs 97,470 per 10 grams on Monday. New Delhi, Jul 1 (PTI) Cutting short the seven-day losing streak, gold prices rebounded by Rs 1,200 to Rs 98,670 per 10 grams in the national capital on Tuesday due to fresh buying by stockists in line with strong global trends, according to the All India Sarafa Association. 'A retreat in the US dollar, driven by concerns over the ballooning US fiscal deficit and the market's focus on President Donald Trump's proposed tax-cutting and spending bill, has made gold more attractive,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. President Donald Trump has also threatened new tariffs on Japan ahead of the July 9 deadline for the implementation of reciprocal tariff. These shifts are helping non-yielding assets like gold hold up, especially with inflation expectations still running high, Mehta added. In addition, silver prices rallied by Rs 2,000 to Rs 1,04,800 per kilograms (inclusive of all taxes) on Tuesday. The white metal had finished at Rs 1,02,800 per kg on Monday. On the global front, spot gold rose by USD 44.01 or 1.33 per cent to USD 3,346.92 per ounce. 'With participants increasingly pricing in sustained dollar weakness, gold continues to attract safe-haven buying. 'The sentiment remains buoyant this week, driven by expectations around key US economic data, particularly the non-farm payrolls, unemployment figures, and ADP non-farm employment change,' Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said. Experts also said that Federal Reserve Chair Jerome Powell's commentary will also provide further cues on the interest rate path, influencing further movement in the precious metal prices. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
30-06-2025
- Business
- The Print
Gold prices dip Rs 200 to Rs 97,470 per 10 gram
Extending the losses for the seventh straight day, gold of 99.5 per cent purity slipped Rs 150 to Rs 97,050 per 10 grams (inclusive of all taxes). It had settled at Rs 97,200 per 10 grams in the previous market session. The precious metal of 99.9 per cent purity had closed at Rs 97,670 per 10 grams on Friday. New Delhi, Jun 30 (PTI) Gold prices fell Rs 200 to Rs 97,470 per 10 grams in the national capital on Monday due to continuous selling by stockists, according to the All India Sarafa Association. 'Gold continues to face downward pressure as both geopolitical and economic uncertainties ease. The cooling of tensions in the Middle East and the progress on trade agreements with the US are lowering the immediate need for safe haven assets. 'As countries move swiftly to finalise deals, risk sentiment across markets has improved, prompting investors to unwind safe-haven positions,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. Also, falling crude oil prices are easing inflationary concerns, further reducing the appeal of gold as an inflation hedge, Mehta added. Silver prices also went lower by Rs 200 to Rs 1,02,800 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,03,000 per kg on Friday. Meanwhile, the most traded gold futures for August delivery rose by Rs 520 or 0.54 per cent to Rs 95,990 per 10 grams on the Multi Commodity Exchange. 'In June alone, gold prices slipped by about 5 per cent, showing that some profit booking is happening. 'This does not mean gold has turned weak, geopolitical tensions, like worries about conflicts flaring up again in West Asia, and continued central bank buying are still giving gold good support,' Trivesh D, Chief Operating Officer at Tradejini, said. Meanwhile, spot gold appreciated by USD 12.06 or 0.37 per cent to USD 3,286.31 per ounce in the global markets. 'Gold remains under pressure, trading near USD 3,300 per ounce, as renewed optimism over global trade negotiations lifted risk sentiment,' Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, this week is crucial, with a slew of high-impact US macroeconomic data, including ADP non-farm employment, non-farm payrolls, and the unemployment rate, all of which will provide further direction to gold prices. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
27-06-2025
- Business
- The Print
Gold plunges Rs 930 to Rs 97,670/10 g amid easing off Israel-Iran tensions
On Friday, gold of 99.5 per cent purity declined by Rs 850 to Rs 97,200 per 10 grams (inclusive of all taxes). It had settled at Rs 98,050 per 10 grams in the previous market session. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 98,600 per 10 grams on Thursday. New Delhi, Jun 27 (PTI) Gold prices plunged Rs 930 to Rs 97,670 per 10 grams in the national capital on Friday as traders rushed to selling amid easing off Middle East tensions and favourable reports about a trade deal between the US and China. 'Gold prices continue to correct as strong profit booking sets in, with safe-haven demand easing due to the lack of fresh geopolitical triggers. 'Crude oil prices also declined after Iran signalled restraint by avoiding strikes on key oil infrastructure and transport routes, particularly the Strait of Hormuz which is one of the most critical choke points for global oil shipments,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. This de-escalation has reduced immediate risk premiums across markets, pressuring gold further, Mehta added. In addition, silver prices slipped by Rs 100 to Rs 1,03,000 per kilogram (inclusive of all taxes) on Friday. The white metal had ended at Rs 1,03,100 per kg on Thursday. In the overseas market, spot gold dropped by USD 43.45 or 1.31 per cent to USD 3,284.40 per ounce. 'Investors now await the release of the US Personal Consumption Expenditure (PCE) price index data later in the day for further cues about the Fed's interest rate-cut path,' Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, the US Federal Reserve Chair Jerome Powell's recent comments indicating that interest rate cuts are not imminent further weighed on bullion prices. The weaker dollar index confirmed easing global risk, prompting investors to rotate funds into riskier assets like equities and cryptocurrencies, Trivedi said. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
24-06-2025
- Business
- The Print
Gold declines Rs 900 to Rs 98,900/10 g on Iran-Israel ceasefire hopes
Gold of 99.5 per cent purity depreciated by Rs 800 to Rs 98,300 per 10 grams (inclusive of all taxes). It had finished at Rs 99,100 per 10 grams on Monday. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,800 per 10 grams in the previous market session. New Delhi, Jun 24 (PTI) Gold prices plummeted Rs 900 to Rs 98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal's safe-haven appeal in the global market. 'Gold is under pressure as safe-haven demand eases after the US confirmed a full ceasefire between Iran and Israel. The announcement came shortly after Iran attacked a US military base in Qatar, briefly heightening tensions before quickly calming them. 'With fears of further escalation fading, investors are booking profits and pulling back from gold,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. Silver prices also diminished by Rs 1,000 to Rs 1,04,200 per kilogram (inclusive of all taxes) on Tuesday. The metal had ended at Rs 1,05,200 per kg in the previous market close. Meanwhile, spot gold fell by USD 46.05 or 1.37 per cent to USD 3,323.05 per ounce in the overseas markets. 'Investors are closely watching Federal Reserve Chair Jerome Powell, who is set to testify before US Congress on Tuesday and Wednesday, which can provide any signals on the future policy path of interest rate cuts,' Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. PTI HG HG SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
