Gold Price Today, 19 Sep’22: Gold falls despite positive global cues; US FOMC eyed, check support, resistance Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Monday, even as yellow metal prices gained globally. On Multi Commodity Exchange, gold October futures were ruling Rs 140 or 0.3 per cent at Rs 49,240 per 10 gram, as against the previous close of Rs 49,380. Silver December futures were trading at Rs 56,841 per kg, up 121 or Rs 0.21 per cent. Globally, yellow metal prices edged higher supported by a weaker dollar, as investors assessed some risk of aggressive rate hikes expected this week by major central banks especially the U.S. Federal Reserve to tame inflation, according to Reuters. Spot gold was up 0.2% at $1,677.89 per ounce, and U.S. gold futures rose 0.2% at $1,686.50. Also read: Petrol, Diesel Price Today, 19 Sep 2022: Fuel cost unchanged; check rates in Delhi, Mumbai, other cities Gold gained some momentum after a fall in previous week hovering around the key level of $1680, amidst a steady dollar, as investors assessed some risk of aggressive rate hikes expected this week by major central banks especially the U.S. Federal Reserve to tame inflation. Touching the highs of above 110 level, dollar index retraced by 0.2%; whereas U.S. Yields were steady near the three month highs amidst higher interest expectations. U.S. inflation data reported last week increased the market expectations for an aggressive rate hike by the Fed in the Sept. meeting scheduled this week. There is an 80% probability of a 75bps rate hike according to the CME Fed watch tool. Physical gold demand picked up in India as domestic prices fell ahead of key festivals, while premiums in China climbed further as its currency weakened. Speculators switched to net short position of 10,132 contracts in week to Sept. 13 in COMEX gold, while trimmed net short position in COMEX silver, the U.S. CFTC said on Friday. Broader trend on COMEX could be in the range of $1645-1690 and on domestic front prices could hover in the range of Rs 48,950-49,700. Also read: Nifty may slip below 17400, resistance at 17777; buy these two stocks to pocket short-term gains Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities COMEX gold trades marginally lower near $1680/oz as the US dollar and bond yields continue to hold on to recent gains amid positioning for Fed’s rate hike decision this week. Also weighing on price is weaker investor interest and general pressure on commodities. Supporting price is global growth worries and geopolitical tensions relating to Taiwan. Gold has managed to recover from April 2020 lows set last week as Fed’s rate hike has been largely factored in; however price may remain under pressure ahead of the meeting. Rahul Kalantri, VP — Commodities, Mehta Equities Gold and silver prices are likely to remain volatile ahead of the Fed policy meeting and fear of global recession, as the Fed is widely expected to hike rates by 75 basis points with traders also pricing in the possibility of a 100 basis point hike. Gold has support at $1662-1650, while resistance is at $1686-1798. Silver has support at $19.18-18.95, while resistance is at $19.62-19.85. In INR terms gold has support at Rs 49,020-48810, while resistance is at Rs 49,480, 49,640. Silver has support at Rs 55,750-55,240, while resistance is at Rs 57,180–57,510. (The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.