[vc_row][vc_column][vc_column_text]
NDTV PROFIT? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Published On: July 22, 2020
Gold, Silver Rates Today: Gold and silver futures trading on the MCX soared to all-time highs, with the yellow metal contract climbing above the Rs 50,000 mark for the first time ever.
Gold Rate In India: Domestic gold and silver futures soared to all-time highs on Wednesday tracking a global rally, with the yellow metal contract climbing above the Rs 50,000 mark for the first time ever. Multi Commodity Exchange (MCX) gold futures – due for delivery on August 5 – rose?by Rs 493 or?1 per cent to a record Rs?50,020 in morning. Silver futures due for a September 4 delivery climbed to a record Rs?60,782, surging 6 per cent from their previous close of Rs 57,342. Sky-high prices have already dampened retail demand for gold in India, the world’s second largest consumer of the precious metal.?(Also Read:?Gold’s “Dream Run” May Continue, Say Analysts)
At 11:03 am, the MCX gold futures traded?0.99 per cent higher at Rs?50,017, while the silver contract quoted at Rs 60,619, up 5.71 per cent from its previous close.
Precious metal prices have broken a series of records over the past few weeks amid rising COVID-19 cases in the country and the world. Typically, any sign of uncertainty in the capital markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier?asset classes.
In the international market,?gold?jumped more than 1 per cent on Wednesday to its highest in nearly nine years, driven by a weaker dollar and as expectations of more stimulus to revive pandemic-hit economies lifted the metal’s appeal as an inflation-hedge. Spot gold was last seen trading up 0.8 per cent at $1,856.13 per ounce, having earlier hit $1,865.35, its highest level recorded since September 2011.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 50,220 per 10 grams and silver at Rs 60,043 per kilogram on Wednesday – both excluding Goods and Services Tax.
Gold jewellery prices vary in different parts of the country due to factors such as state taxes and making charges.?India’s gold imports dropped 96 per cent 13 tonnes in the June quarter after shipments virtually ground to a halt in April and May.
Meanwhile,?domestic stock markets?snapped a rally that lasted five trading sessions in a row, with investor focus shifting back to rising COVID-19 cases in the country as optimism around earnings waned after a handful of subdued numbers.
The Sensex index fell as much as 0.58 per cent to 37,709.74 during the session, and the broader Nifty 50 benchmark slid to as low as?11,102.35, as the markets gave up early gains after a positive start.
In March, commodity exchanges cut down?trading hours, in a shift from the practice of allowing trading till midnight, in the wake of coronavirus pandemic.?The trading now begins at 9 am and ends at 5 pm, instead of 11:50 pm earlier.
What Experts Say?
Ravindra Rao, VP-head commodity research, Kotak Securities:
“Gold has rallied to record high levels reflecting firmness in the international market, where prices have been on a rise for the last few months but picked up pace amid sharp losses in the dollar, additional stimulus measures and robust investor inflows. Rising virus cases and US-China tensions have also underpinned the gold price.?
?Silver has rallied reflecting firmness in the international market. International silver prices have surged to 2013 highs on back of concurrent gains in gold and industrial metals and strong investor buying as is evident from ETF (exchange traded fund) inflows.?
Rahul Agarwal, director, Wealth Discovery/EZ Wealth:
“A number of factors including expectations of more stimulus measures especially in the European Union and the United States, weakening of the dollar and the continued rise in COVID-19 cases globally have contributed to the safe-haven demand for gold.”
“Relentless money printing by global central banks, the uncertainty around COVID-19, rising US-China tensions and an overall atmosphere of geopolitical instability will be all contributors to the upward trajectory in gold prices in the coming days.”
[/vc_column_text][vc_column_text]
Disclosure:
EZ Wealth is a Stock Broker registered with BSE, NSE and MSEI in all the major segments viz. Cash, F&O and CDS segments. EZ Wealth is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, EZ Wealth is a SEBI registered Portfolio Manager. EZ Wealth is a step-down subsidiary of Wealth Discovery Securities Pvt. Ltd (referred as ‘WDSPL’ hereafter).
This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from EZ Wealth.
The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. EZ Wealth does not take any responsibility thereof. Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss
This report has been prepared by EZ Wealth and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. The solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of EZ Wealth have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection. This report has been prepared by EZ Wealth based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by EZ Wealth that such information is accurate or complete and/or is independently verified.
The contents of this report represent the assumptions and projections of EZ Wealth and EZ Wealth does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances. Since EZ Wealth or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. EZ Wealth or its associates have not received any compensation for investment any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that EZ Wealth or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.
Research analyst or EZ Wealth or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor EZ Wealth are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer or director. No material disciplinary action has been taken on EZ Wealth by any regulatory authority impacting Equity Research Analysis activities. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. EZ Wealth reserves the right to make modifications and alternations to this statement, as may be required, from time to time. Research analyst or EZ Wealth or its actual/beneficiary ownership of 1% depends from case of case. It is also confirmed that research analysts have not received any compensation from the subject company in the past 12 months.
WDSPL registered address: 1206, 12th Floor, Kailash Building K.G. Marg.
Connaught Place New Delhi-110001
Tel No: 91 +11-43444-666 | 91 +11-43444-623 |
Wealth Discovery Securities Pvt Ltd – CIN: U74999DL2010PTC211626
Wealth Discovery Commodity Pvt Ltd – CIN: U74999DL2011PTC213264
SEBI-NSE-INB/F/E231435737,BSE-INB011435733/INF011435833, DP-IN-DP-CDSL-679-2013 SEBI- REG.NO- MCX & NCDEX – INZ000015731
[/vc_column_text][/vc_column][/vc_row]