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The exchange deferred the timings of resumption twice before the trade started. In a circular issued by MCX, it said that the trading hours for the commodity derivatives segment for February 13, 2024, have been revised from 9 am to 1 pm.
Spot gold closed with a loss of 0.48% at $2025 Friday as the US yields chugged higher to close 0.47% up at 4.177%. Spot gold was down nearly 0.70% on the week. The ten-year US yields firmed up by around 3.70% on the weekly basis, whereas the two-year yields were up roughly 2% on the week as the yields settled at 4.48% Friday.
As the US carried out its fifth airstrike against Houthi targets in Yemen on Thursday, the Iran-backed rebel group quickly launched two anti-ship ballistic missiles at a US-owned chemical tanker, though no injuries or damages were reported.
G Chandrashekhar says: “Once the speculators start to unwind their overly bullish bets, I think that will probably place a cap on the upside potential for gold. But once the rate cut signals become clear because the timing is what is important. And therefore, once the timing of the rate cut becomes clear, which in my view could be in the second quarter then gold will start to move up decisively.”
ETMarkets also analysed returns of largecap companies listed on the BSE to conclude that 65 stocks have higher returns than gold in 2023, with two stocks delivering multibagger returns of nearly 120% viz. Hindustan Aeronautics (HAL) and Zomato.