New Delhi, Jun 4: Gold in the national capital declined by Rs 388 to Rs 47,917 per 10 gram on Friday amid muted global trends, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,305 per 10 gram.
Silver also tumbled Rs 920 to Rs 69,369 per kilogram from Rs 70,289 per kilogram in the previous trade.
In the international market, both gold and silver were trading flat at USD 1,870 per ounce and USD 27.35 per ounce, respectively.
According to Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, “Gold prices slipped to a near two-week lows after positive US economic data boosted the dollar and bond yields, ahead of the much awaited May non-farm payroll numbers.” (AGENCIES)
^^^^
BIZ-STOCKS-CLOSE
Sensex drops 132 pts after RBI policy outcome; banking stocks drag
Mumbai, June 4:
Equity benchmark Sensex declined 132 points on Friday, led by profit-booking in banking stocks after the Reserve Bank of India’s monetary policy announcements.
The 30-share BSE index ended 132.38 points or 0.25 per cent lower at 52,100.05, while the broader NSE Nifty slipped 20.10 points or 0.13 per cent to 15,670.25.
Nestle India was the top laggard in the Sensex pack, shedding around 2 per cent, followed by SBI, HDFC Bank, Axis Bank, ICICI Bank, Reliance Industries, HUL and Dr Reddy’s.
On the other hand, Bajaj Finserv, ONGC, L&T, Bajaj Finance and HDFC were among the gainers.
According to Binod Modi, Head – Strategy at Reliance Securities, benchmarks corrected marginally led by contraction in financials, especially in banks.
“A moderate increase in inflation forecast by the RBI in its policy meeting outcome led G-sec yields increasing by 3 bps, which resulted in profit-booking in banks,” he noted.
The Reserve Bank of India (RBI) on Friday left the key interest rates unchanged at record lows as it reiterated its commitment to keep its monetary policy accommodative to help the economy recover from the world’s worst outbreak of COVID-19 infections.
It also lowered its forecast for the country’s economic growth to 9.5 per cent for the current financial year ending March 31, 2022, from the previous estimate of 10.5 per cent.
“MPC meeting outcome today was mostly in-line with expectations as RBI, in addition to maintaining status quo about policy rates, focused upon ensuring sufficient liquidity in the system and supported MSMEs and corporate hit in second wave.
“An improved prospect of economic recovery led by sharp drop in daily caseload, ramping up vaccination process and gradual withdrawal of restrictions imposed by states has already led markets to witness fresh high in this week,” he said.
Barring metals and realty, most key sectoral indices traded in red today. However, midcap and smallcap stocks continued to outperform led by improved earnings visibility.
Weak global cues also weighed on sentiments.
Bourses in Shanghai ended with gains, while Hong Kong, Tokyo and Seoul were in the red.
Equities in Europe were trading on a negative note in mid-session deals.
International oil benchmark Brent crude was trading 0.38 per cent higher at USD 71.58 per barrel. (AGENCIES)
^^^^
Follow our WhatsApp channel
