Gold Update: “Powell voiced a willingness to take rates beyond neutral in an effort to tame inflation, while sounding tone-deaf regarding economic worries given data is still robust for the most part.”
Ananya
Stock Recommendations – Neal Bhai Reports [17-05-2022]
Stock Recommendations by Neal Bhai
- SJVN: The company has signed a memorandum of understanding for development of 490 MW Arun-4 project in Nepal.
- Aditya Birla Capital: The company said an independent committee investigating a whistleblower complaint did not find any merit in allegations made against Aditya Birla Sun Life and its employees.
- KEC International: The company has received new orders of Rs 1,147 crore across its various businesses.
- Kajaria Ceramics: The company has begun commercial production of ceramic floor tiles and vitrified tiles in manufacturing facilities in Gailpur, Rajasthan, and Chittoor, Andhra Pradesh, respectively.
- Steel Exchange India: The company approved the proposal of splitting equity shares from face value of Rs 10 to Rs 1 each.
- Max Healthcare Institute: Approves merger of units Alps, Max Hospitals
Share Of Gold In India’s Forex Reserves Rises
The share of gold in India’s foreign exchange reserves rose to just over 7% at the end of March 2022, from 5.88% at the end of September 2021, the Reserve Bank of India (RBI) said in a report released on Thursday. At end-March 2022, the RBI held 760.42 metric tonne of gold (including gold deposits of 11.08 metric tonne). “While 453.52 metric tonne of gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements (BIS), 295.82 metric tonne of gold is held domestically,” the central bank said in its half-yearly report on foreign exchange reserves.
Spot Gold Forecast: Gold Support $1,808, Keep Eye on US Data
Spot Gold Forecast: Considering the yellow metal’s moves since April 18, gold portrays a falling wedge bullish chart pattern on the four-hour play. That said, nearly oversold RSI (14) keeps gold buyers hopeful of further recovery moves.
Fed hikes by 50 bps, begins balance sheet reduction from June
The US Federal Reserve announced on Wednesday that the FOMC had agreed to raise the target range for the federal funds rate by 50 basis points to 0.75% to 1%, in line with expectations.
Akshaya Tritiya 2022: Why Do People Buy Gold or Silver on This Day?
Akshaya Tritiya 2022: Akshaya Tritiya will be celebrated all over India on 3 May this year. The day is considered to be one of the most auspicious occasions in the Hindu calendar. Many people start new business ventures or projects on this day.
Gold Prices Fall to Lowest in Almost Two Weeks as Bond Yields Rise
Gold prices slid to the lowest in nearly 2 weeks as U.S. bond yields surged, curbing the appeal of the non-interest bearing metal.