Gold price seeing spectacular boom, jumps to Rs 49400

Today, for the 3rd consecutive day, gold and silver are seeing a spectacular boom. Gold has jumped to Rs 49400 on MCX after strengthening by about Rs 500. Over the last three days Gold price has increased by Rs 1500. At the same time, the brightness of the silver is also increasing. Silver on MCX today has gone up by Rs 1000 to reach 64000. Silver has also seen a rise of up to Rs 4000 in the last three days. Due to good support at lower levels buying is emerging pushing the prices higher. Also, the retail demand for gold and silver is gradually returning and showing signs of recovery and this has helped boost prices even more.  

Equity Markets:

In markets elsewhere, Ajit Mishra, VP - Research, Religare Broking highlights that stocks remained in a range for yet another session and settled with marginal gains. The opening was upbeat but profit-taking in select index heavyweights pulled the index lower as the day progressed. Subdued global cues combined with caution ahead of the RBI’s monetary policy outcome, is weighing on the sentiment. Amid all, the broader indices continue to outshine the benchmark ended higher by 0.9% and 0.7% respectively. On the sector front, except IT which witnessed some profit-taking, all the other indices ended with gains wherein Metal, Auto, Consumer Durables were the top gainers. 

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Religare expects the rate-sensitive pack, especially banking and financials, to be in focus on Friday, thanks to the scheduled outcome of RBI’s MPC meet. The banking index has been witnessing consolidation in line with the benchmark and might see a directional move after the event. Meanwhile, traders should restrict leveraged positions and wait for clarity.