Gold Silver Reports — A continued spurt in Indian Rupee hurt the MCX Gold futures on a day when global prices were already in correction mode. COMEX Gold futures have slipped from their one month high amid strong US economic data and currently trade at $1255 per ounce, down 0.23% on the day. MCX Gold futures are trading at Rs 28690 per 10 grams, down 0.55% on the day. Prices have eased back after failing to break above Rs 29K levels.
Meanwhile, the Indian rupee on Wednesday strengthened past 65-mark to hit a fresh 17-month high on weak dollar globally and continued inflows from foreign investors in the local equity and bond markets. The rupee closed at 64.91 against the US dollar—a level last seen in October 2015, up 0.18% from its Monday’s close of 65.05. Key benchmark indices registered modest gains for the second straight session amid positive global cues triggered by positive US consumer confidence data.
Robust inflow from foreign portfolio investors (FPIs) into Indian equities yesterday, 28 March 2017, also boosted investors sentiment. FPIs pumped a net Rs 6415.38 crore into Indian equities yesterday, 28 March 2017, as per provisional data released by the stock exchanges. FPIs were on a buying spree of Indian equities this month. Gains in banking pivotals pushed the key indices higher. Losses in pharmaceutical shares capped gains. Auto stocks declined as the Supreme Court today, 29 March 2017, banned the sale of BS-III vehicles from 1 April 2017 onwards. — Neal Bhai Reports