Stock Market News - Yellow metal hits fresh record high as Iran attacks US forces

On the MCX, gold contracts for February were trading higher by Rs 562, or 1.38 percent, at Rs 41,225 per 10 gram at 0920 hours. It hit a record high of 42,278 per 10 gm.

India Gold February futures hit a fresh record high on January 8 tracking gains in international spot prices which surged past $1,600 an ounce mark after Iran fired rockets at Iraqi airbase which hosts US forces that triggered risk-off sentiment.

Spot prices hit their highest since March 2013 at $1,610.90 earlier in the session. US gold futures rose 2 percent to $1,605.80.

“The jump in the price of what’s viewed by investors as a safer asset in times of political and economic uncertainty came after Iran’s missile attack on US-led forces in Iraq early on Wednesday,” said a Reuters report.

“The attack came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider conflict in the Middle-East,” it said.

On the MCX, gold contracts for February were trading higher by Rs 562, or 1.38 percent, at Rs 41,225 per 10 gram at 0920 hours. It hit a record high of 42,278 per 10 gm.

Experts are of the view that both Gold and Silver are likely to trade higher and dips should be used to buy, and investors should avoid going short at higher levels.

On Gold, 40,400 level is likely to act as major support while Silver could find support near 47,700 levels in the domestic market.

Track live Gold price here

Yes Bank jumps 4% as the lender plans to raise funds

Recently, Yes Bank was moved to the mid-cap category from the large-cap category by AMFI.

Shares of Yes Bank jumped 4 percent in opening trade on January 8, a day after the bank said its board will meet on January 10 to consider fundraising.

In a BSE filing on January 7, the bank said: "...a meeting of the board of directors of Yes Bank will be held on Friday, January 10, 2020, in Mumbai to discuss and consider raising of funds."

The bank plans to raise funds by issuance of equity shares/depository receipts/convertible bonds/debentures/warrants/any other equity-linked securities, through permissible modes, subject to necessary

shareholders and regulatory approvals.

Recently, Yes Bank was moved to the mid-cap category from the large-cap category by AMFI. Experts feel that the change in the category may trigger rotation of some equity mutual fund capital into the new large-caps from those that have been shifted out to the mid-cap group from the large-cap group.

Shares of Yes Bank traded 2.77 percent up at Rs 46.35 on BSE around 09:25 hours IST.

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