12:30pm
Gold Update
Gold extended losses to trade near a
nine-month low and looked likely to break below the key USD 1,200-an-ounce
level, clobbered by a stronger dollar and lack of support from top buyer China.
With the dollar at a four-year peak
against a basket of major currencies, other precious metals also took a hit.
Platinum tumbled to a five-year low, while silver retained sharp overnight losses
to trade at its lowest since March 2010.
A stronger US currency makes
dollar-denominated precious metals more expensive for holders of other
currencies. Worries about an interest rate rise in the United States have also
hurt gold, a non-interest-bearing asset.
Spot gold slipped 0.2 percent to USD
1,205.90 an ounce by 0623 GMT, falling for the fourth straight session. It went
as low as USD 1,204.40 in the previous session, its lowest since early January.
The metal slid 6 percent in
September, its sharpest monthly drop since June 2013, and also logged its first
quarterly loss of the year, reports Reuters.
12:00pm
Market Check
Equity benchmarks continued to consolidate due
to lack of triggers. The next trigger for the market would be second quarter
earnings (July-September) that will be kicked off with Infosys on October 10.
The 30-share BSE Sensex declined
46.98 points to 26583.53 and the Nifty slipped 17.25 points to 7947.55. The BSE
Midcap and Smallcap indices were flat. The market breadth was weak; about 1134
shares have advanced while 1317 shares declined on teh Bombay Stock Exchange.
Tata Steel and Maruti Suzuki shed
2.5 percent each followed by ITC, Reliance Industries, HDFC, ONGC, Hindustan
Unilever and Gail India with 1-1.8 percent loss. Top lenders like State Bank of
India, HDFC Bank and ICICI Bank were down 0.7 percent, 0.77 percent and 0.2
percent, respectively.
No comments:
Post a Comment