Gold - Dec 15, 2020 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were trading higher on Tuesday morning and early afternoon trade in Asia as risk appetite waned as COVID-19 cases continued to increase which has prompted some countries to tighten restrictive measures.
Additionally, hopes are rising on both Republicans and Democrats sides that the $908 billion bipartisan proposal could be passed. Meanwhile, a $1.4 trillion spending bill for the fiscal year beginning on Oct. 1 must be passed by Friday to avoid a government shutdown.
Gold also ignored the start of COVID-19 vaccine inoculations in the U.S and Canada and the optimism surrounding the Brexit negotiations.
Trade Spotlight: IFB Industries, Hindustan Copper and Cyient in focus
Stocks like IFB Industries rose by about 13 percent, Hindustan Copper gained by around 20 percent, and Cyient was up more than 7 percent were some of the stocks in focus on Monday. December 15, 2020 / 08:50 AM IST
Indian market witnessed yet another day of record highs on December 14. The S&P BSE Sensex hit a record high of 46,373 while the Nifty50 inched closer towards 13600 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 154 points to 46,253 while the Nifty50 rose 44 points to close at 13,558.
On the broader markets front – the S&P BSE Mid-cap index rose 0.79 percent, and the S&P BSE Small-cap index gained 0.74 percent – outperforming benchmark indices.
Rupee Vs Dollar: The local unit closed at 73.63 against the greenback
The rupee edged lower by eight paise against the US dollar on Tuesday, December 15, to settle at 73.63 (provisional), tracking muted domestic equities. At the interbank foreign exchange market, the local unit opened at 73.62 against the dollar and registered an intra-day high of 73.59. It witnessed a low of 73.67. In an early trade session, the local unit depreciated by eight paise to 73.63 against the dollar. The domestic unit finally closed at 73.63 against the greenback, registering a decline of eight paise over its previous close. On Monday, December 14, the rupee moved higher by nine paise to settle at 73.55 against the dollar.
Gold price today: Yellow metal trades flat above Rs 49,000; US Fed meeting in focus
Experts are of the view that precious metals could remain volatile ahead of the outcome of the US Fed meeting. The immediate support for Gold is placed at Rs 48,700 while on the upside, the yellow metal could face resistance near Rs 49150.
gold
India Gold February futures trade flat on December 15 but with a positive bias as investors wait for the outcome of the US Federal Reserve meeting which will begin on December 15-16.
On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.21 percent at Rs 49,044 per 10 gram at 09:20 hours. March silver was trading 0.31 percent higher at Rs 63,667 per kilogram.
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