Gold Price Today, 30 Aug 2022: Comex gold off 1-month low, prices on MCX to trade sideways to down intraday Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Tuesday, even as yellow metal gained globally. On Multi Commodity Exchange, gold October futures were down Rs 188 or 0.4 per cent to Rs 51,062 per 10 gram, as against the previous close of Rs 51,250. Silver December fell Rs 347 or 0.6 per cent to Rs 54,893 per kg. Globally, yellow metal prices inched up as the dollar eased off a 20-year high, offsetting pressure from expectations of the US Federal Reserve keeping interest rates higher for longer to combat inflation, according to Reuters. Spot gold ticked 0.1% higher to $1,739.14 per ounce, while U.S. gold futures rose 0.1% to $1,751.7. Also read: Reliance share price jumps 1% after Mukesh Ambani lays out Jio 5G, FMCG biz launch plans at RIL 45th AGM Gold steadied a bit around $1750 after witnessing a fall in past few sessions. Dollar eased off a 20-year high, offsetting some pressure from expectations of the Fed keeping interest rates higher for longer to combat inflation. The dollar index was off a two-decade high hit while the benchmark 10-year yields pulled back from a two-month high hit in the previous session. After hawkish comments from Governor Powell in Jackson hole symposium market participants are discounting a 75bps rate hike in the Sept. meeting as well, putting weight on safe haven assets. Later this week, all eyes will be on U.S. non-farm and unemployment rate.Broader trend on COMEX could be in the range of $1715-1755 and on domestic front prices could hover in the range of Rs 50,800-51,600. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities COMEX gold has come off 1-month low to trade mixed near $1750/oz as US dollar index is off the highs while US bond yields have stabilized. The US dollar index has corrected from 2002 highs as Fed’s hawkish comments are countered by hawkish comments from ECB officials. Some pause in equity market sell-off has also affected the US dollar’s safe haven appeal. Gold may remain choppy as market players continue to react to US economic numbers and Fed comments however Fed’s hawkish stance may keep US dollar supported which may keep pressure on gold prices. Also read: Co-working expansion: With Byju’s, Zomato, HDFC Bank, other clients, Incuspaze to add this much more capacity Tapan Patel, Senior Analyst — Commodities, HDFC Securities Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1735 per ounce in the morning trade. MCX Gold October futures traded weak in the opening trade near Rs. 51140 per 10 gram following stronger rupee. Gold prices were supported by dollar weakness which retreated from 20 year highs. Gold prices may cap upside on hawkish FED to tackle inflation. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1720 and resistance at $1760 per ounce. MCX Gold October support lies at Rs. 50900 and resistance at Rs. 51500 per 10 gram. (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 Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.