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This makes gold less attractive as it doesn't yield interest," Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.
Adani Power shares are currently trading above their 50-day and 200-day simple moving averages (SMAs) and Monday's move has taken the stock into an overbought zone. The day's RSI and MFI stood at 78 for both indicators, as per data available on Trendlyne.
Commenting on the current surge, Anuj Gupta, Head Commodity & Currency, HDFC Securities said the rally in mentha oil futures has been on the back of crop damage due to floods in many areas where the crop is sown, including Barabanki, Chandausi and Rampur, low arrivals and growing export demands.
Gold's price remains stable near a five-month low due to increasing indications that US interest rates will stay high for a longer time. The 10-year Treasury yield is continuing to rise, suggesting that bondholders are preparing for tight monetary policy, which tends to negatively impact gold since it doesn't generate interest.
Gold futures are down 2% or Rs 1,193 on the month-to-date basis while up 6.10% or Rs 3,358 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities told ETMarkets. As for Silver futures, the declines are to the tune of 6.88% or Rs 5,192 in August while the gains this year stand at 1.18% or Rs 822, he said.