Gold, silver rally on strong global market sentiment
New Delhi (PTI): Gold prices climbed Rs 700 to Rs 1,30,160 per 10 grams in the national capital on Friday tracking firm trends in the global markets and strong investor appetite, according to marketmen.
The precious metal of 99.5 per cent purity jumped by Rs 700 to Rs 1,29,560 per 10 grams (inclusive of all taxes).
"Gold edged higher...supported by increasing expectations of a Federal Reserve rate cut in December," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He further stated that gold prices, during the week, have remained well-supported by renewed optimism over a potential Fed cut and a steady US dollar.
Silver prices also continued their upward march for the fourth straight session soaring by Rs 3,000 to Rs 1,71,200 per kilogram (inclusive of all taxes).
In the past four sessions, the white metal skyrocketed by Rs 16,200 from Rs 1,55,000 per kg on Monday.
In the international markets, spot gold went up by USD 12.44 , or 0.30 per cent, to USD 4,169.88 per ounce.
"Spot gold continues to remain well bid on rate cut expectations after recent dovish comments by the Federal Reserve officials," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent higher at 99.75, capping gains for the yellow metal.
Sandip Raichura - CEO, Retail Broking and Distribution, PL Capital, said that gold will soon test the USD 4,400 level, which marks its all-time high. Continuing purchases by central banks, as well as dollar weakness, are leading to a strong support for gold at the USD 4,000 level.
Spot silver was trading 0.77 per cent higher at USD 53.81 per ounce, marking gains for the fifth straight day. In the session, the white metal rose to hit an intra-day high of USD 54.31 an ounce in the overseas market.
"Silver approaches towards its all-time high (USD 54.49 per ounce), with increased predictions that the US Federal Reserve would further lower interest rates," Renisha Chainani, Head - Research at Augmont said.
She noted that Chinese inventories have fallen to decade lows, which has led to large exports to London to alleviate supply constraints. The reduction follows a spike in Chinese silver exports in October, which reached a record high of over 660 tonnes.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "With US economic data yet to flow in after the government reopening, upcoming releases will be crucial for the Fed as it prepares for the final policy meeting of 2025 on December 10, where a rate cut is widely anticipated."
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
