Gold traded at the lowest level in more than three weeks as Federal Reserve officials reiterated their commitment to tighter monetary settings to curb inflation.
New issue of sovereign gold bond scheme opens today. 10 things to know
The issue price for the next tranche of Sovereign Gold Bond Scheme (SGB) 2021-22, which will open for subscription for five days from Monday, has been fixed at ₹5,197 per gram of gold, the Reserve Bank of India (RBI) said on Friday.
Nifty Weekly Forecast: Inflection Point Coming Up
Nifty Weekly Forecast: Even though no one wanted it, everyone was waiting for it! The dip, I mean. Friday’s trading confirmed the fears that most were harbouring, that the market was ‘due’ for a decline. As though it was some train that had got delayed or something. So, when it showed, everyone was, like, ‘I told you so’. Now, will come the next set of comments, predictions, new questions etc. But before all that, let’s just take a look at what has transpired so far during the week. The first chart details the intra-week move.
Rupee has come under Intense Selling Pressure
The rupee has come under intense selling pressure in recent weeks due to a perfect storm of global headwinds, which analysts believe will continue to pummel the Indian currency in the months ahead as well. Earlier in July, rupee tested record lows and breached the Rs 80 per US dollar level at least twice, recovering only after the Reserve Bank of India (RBI) stepped in to stem the depreciation. Since then, the rupee has regained some ground and has been trading in the 78.50-79.80 range. One of the reasons behind the rupee’s fall was strong demand.
Gold Price Forecast: Below $1744 Target Key Level $1735—$1720
Gold Price Forecast: Yellow Metal (XAU/USD) price drops for the fifth-consecutive day, set to finish the week down by 3%, triggered by sentiment shifting sour, while the US dollar reaches a five-week high against a basket of currencies. At the time of writing, gold is trading at $1746 a troy ounce.
Below $1,744 Downside open For Gold Bear Traders [19-08-2022]
Gold Forecast for Today: “A sustained move below the $1,744 psychological level will be on their radars to aim for the next downside target near the $1,732—$1,724 region.”
IRCTC Gains As It Readies Plan To Monetise Digital Assets
Shares of Indian Railway Catering & Tourism Corp (IRCTC). jumped nearly 4% and are on course to extend winning streak for the fourth day.