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Spot gold closed $2 down at $2301 in a highly volatile market Friday. US nonfarm payroll and ISM services data fell short of forecast; however, inflationary pressure continues to build up. ....
The ten-year US yields at 4.67% were around 1% lower Friday; however, yields were up nearly 1% to finish the week higher, whereas the 2-year US yields at 4.99% were up nearly one bps on the week, but down nearly one bps Friday. ....
Friday s gains in gold were driven mainly by a dip in the US yields, especially long-term yields, which in turn were driven by month-end rebalancing of treasuries as investors focused on next week s supply and demand dynamics. ....
HDFC Bank, with a 52% FPI holding, and IndusInd Bank, with 42%, dropped 15% each since last Wednesday. Zee Entertainment, with a 28% FPI holding, tumbled 36% during this period. Jindal Stainless and Indiabulls Housing, both with a 23% FPI stake each, dropped 13% each. ....