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.
Yes Bank jumps 4% as the
lender plans to raise funds
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.
Disclaimer: The views and investment tips expressed by investment experts on https://researchpanelinvestment.blogspot.com/ are their own and not those of the website or its management. Researchpanel.co.in advises users to check with certified experts before taking any investment decisions.
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