Synopsis
Analysts recommend buying gold ETFs or sovereign gold bonds to cash in on an anticipated 1,000-plus movement in the short term from Tuesday’s intraday level of 48,118.
Agencies
The quantity of outstanding SGBs is at 58.86 tonnes, RBI data show.
Mumbai: Should investors buy gold, which recently plunged to a multi-month low of 46,611 per 10 gm?
Analysts have said that so long as gold holds above the central technical pivot of 47,500, chances of re-testing the seven-month low of 46,611 hit on commodity bourse
MCX looks unlikely. The generic contract on MCX mimics the spot gold rate.
Analysts recommend buying gold ETFs or sovereign gold bonds to cash in on an anticipated 1,000-plus movement in the short term from Tuesday’s intraday level of 48,118.
The copper continuous futures contract on the Multi Commodity Exchange of India (MCX) has been on a long-term uptrend since it took support at ₹335/kg in March 2020. The contract has been forming high
GameStop Frenzy Halts FTSE Mondo Visione Exchanges Index Surge - Index Up 0.8.% In January, After Blistering Start To Year Date
08/02/2021
Shares in the world s largest exchange operating groups rose by 0.8% in January, with only 12 of the 32 constituents of the FTSE Mondo Visione Exchanges Index being in positive territory. The Index closed at 73,114.7 points, up from the December close of 72,499.8. The index set a new closing all-time high of 76,043.31 on 25 January 2021, before the exchanges sector was hit by the contagion effect from the volatility triggered by retail investors driving up stocks such as GameStop and AMC Entertainment through online forums on websites such as Reddit.
The MCX-Crude oil futures contract has been on an intermediate-term uptrend since April last year when it recorded a low of ₹795 per barrel (BBL). Medium-term trend has been up since its November low
Will gold remain under pressure this week?
Akhil Nallamuthu
BL Research Bureau |
Updated on
February 06, 2021
×
Silver does not appear as weak as gold; major trend remains bullish towards ₹80,000 in a year Developments over the last week were not encouraging for bullion as both gold and silver saw sizeable drops from their intraweek highs. The fall was largely down to rising yields on government securities. Soaring yields may not augur well because government bonds offer interest component in addition to safety, providing a better deal for safety-seeking investors. The 10- year US treasury yield stood at 1.169 per cent by the end of Friday compared to 1.071 per cent a week before. Consequently,gold price dropped by 1.8 per cent and closed the week at $1,814.1 and silver gave up all the gains it made early on the week and ended flat at $26.92.