A lower risk appetite among investors has driven gold, traditionally a safe-haven asset, to record highs so far this year. Fuelled by geopolitical tensions in West Asia, robust demand from central banks - particularly in Asia - and US President Donald Trump's tariff volleys, spot gold touched an all-time high of $2,956 per ounce on February 24 in the international markets.
The Securities and Exchange Board of India (Sebi) on Tuesday announced that the top 500 stocks will be eligible for the same-day settlement cycle (T+0) in a phased manner. This move is seen as a fresh push to ready the market ecosystem to speed up the settlement cycle, which currently stands at T+1.
The chamber has sought clarity from government to remove uncertainty among businesses
'If gold's recent surge has increased its allocation beyond 15 per cent in your portfolio, now may be a good time to rebalance.'
Gold prices rallied by Rs 630 to a lifetime high of Rs 82,700 per 10 grams in the national capital on Wednesday following persistent buying by jewellers and retailers amid strong global trends, according to the All India Sarafa Association. Rallying for the sixth straight session, gold of 99.5 per cent purity appreciated by Rs 630 to hit a lifetime high of Rs 82,330 per 10 grams.
Gold prices hit a fresh record high of Rs 84,900 per 10 grams in the national capital on Friday, driven by robust domestic demand and strong global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity continued its ascent for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams.
In a step to study the functioning of regional exchanges and recommend measures to strengthen them, Commodity market regulator Forward Markets Commission has constituted a task force.
Gold prices slumped for the second straight session by Rs 1,150 to Rs 78,350 per 10 grams in the national capital on Monday on frantic selling by stockists and retailers, the All India Sarafa Association said. The precious metal of 99.9 per cent purity closed at Rs 79,500 per 10 grams on Friday.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Retail investors now own a larger share of smallcap companies than they did a year ago, thanks to their conviction in mutual fund (MF) schemes focused on this segment. Data from Capitaline shows that MFs' average holding in the National Stock Exchange Nifty Smallcap 250 Index stood at 9 per cent at the end of the October-December quarter of 2023-24 (FY24), up from 7.76 per cent in the same quarter of 2022-23.
Retail investors now own a bigger slice of smallcap companies than at the start of 2023-24 (FY24), underscoring their growing conviction about investing in this red-hot space. Data from Capitaline shows mutual funds' (MFs') average holding in the National Stock Exchange Nifty Smallcap 250 rising to 9.26 per cent from 8.67 per cent during the first six months of FY24, with the number of companies with over 20 per cent MF holdings increasing from 24 to 28. In comparison, MF holdings in Nifty50 companies have gone up only marginally, from 9.67 per cent to 9.75 per cent.
After a technology upgrade, the Multi Commodity Exchange of India (MCX) appears poised for an improvement in volumes. The premier commodity and forex exchange reported a loss of Rs 19.1 crore in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24). This was attributed to higher software charges payable under an extended service agreement with 63 moons technologies and a one-off cost towards core guaranteed funds (CGF).
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
India's leading commodity exchange, National Commodity and Derivatives Exchange (NCDEX), and private weather forecasting company Skymet took a significant step towards launching the country's first tradeable weather index on Monday (August 14) by entering into an agreement to deepen their understanding of the impact that weather has on agricultural commodities. The memorandum of understanding (MoU) between NCDEX and Skymet is a profound step in the direction of linking farmers with the weather in a scientific way, according to an official statement. Sources indicate that NCDEX and Skymet will conduct workshops and seminars across the country to educate farmers about how they can scientifically use weather forecasts to hedge risks.
Despite gold prices hitting record highs, analysts aren't gung-ho about the outlook for gold financiers Muthoot Finance and Manappuram Finance. This, they said, was due to intense competition from banks, coupled with stagnating loan books and likely pressure on margins.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
The Securities and Exchange Board of India's (Sebi's) board on Wednesday allowed foreign portfolio investors (FPIs) to trade in exchange-traded commodity derivatives. The move, it said, "will enhance liquidity and market depth, as well as promote efficient price discovery." Overseas investors will only be allowed to deal in non-agricultural commodity derivatives and only cash-settled contracts.
In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
With equity and commodity exchanges allowed to enter each other's areas from October, brokerages are pump-priming their businesses to allow their clients seamless trading in commodities and equities.
Commodity exchanges are all restructuring their boards of directors, after the recently issued guidelines of the Forward Markets Commission.
The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
Despite lobbying by bourses, FinMin mulls tax to monitor the market.
Reliance Capital Ltd (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids have come in for Reliance Capital's assets, taking the total number of bids to 70, the sources said.
According to guidelines for foreign investment in commodity exchanges, a composite ceiling of 49 per cent was allowed, comprising 23 per cent under Portfolio Investment Scheme and 26 per cent under FDI Scheme. However, some of the existing commodity bourses had foreign investment above the permitted level.
The Tamil Nadu-based broker is member of commodities exchange from Dharapuram, some say bonds are most likely to be fake.
Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
The Cabinet Committee of Economic Affairs is all set to announce the guidelines for FDI in commodity exchanges. Following this, the Forward Markets Commission is expected to submit the proposal for ownership structure of exchanges before the Union ministry of consumer affairs.
India's leading agri commodities bourse - the National Commodity and Derivative Exchange - has asked the government to permit banks to hedge at domestic commodity exchanges like international bourses.
India's commodity markets regulator, the Forward Markets Commission has urged commodity exchanges to review the mechanism of spot market prices. In an interview to a leading business daily, FMC Chairman B C Khatua said the commodity exchanges should widen the sample size of the poll participants for spot market prices.
The stage is set for foreign investors to invest in India's commodity exchanges. The Manmohan Singh Cabinet will give formal approval this week on allowing foreign investment in commodity exchanges.
Kotak Mahindra Bank has decided to buy a 15 per cent stake in Multi Commodity Exchange (MCX) for Rs 459 crore from Financial Technologies India (FTIL).
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The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
DIPP's proposal is believed to have the support of the ministry of consumer affairs, food and public distribution and was originally mooted by the Forward Markets Commission.
Gold rose 0.38 per cent to Rs 29,435 per ten grams in special Muhurat trading on the Multi Commodity Exchange on Sunday as participants created positions to mark the start of Samvat year 2070.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
A dedicated physical gold exchange could lead to standard gold pricing in India.
No reason was cited for rescheduling of the meeting.
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