Business News

Gold prices slipped below Rs 79,000 per 10 grams in the national capital on Tuesday due to poor offtake by stockists and retailers, according to the local marketmen. Gold declined during the last trading session of the year as participants were cautious, traders said. The precious metal of 99.9 per cent purity declined Rs 550 to Rs 78,950 per 10 grams. It had closed at Rs 79,350 per 10 grams on Monday. In the past one year, gold prices have surged Rs 15,030 or 23.5 per cent to Rs 78,950 per 10 grams. "In 2024, domestic gold prices surged more than 20 per cent while spot gold rose around 26 per cent," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Gandhi highlighted the rally in gold prices is driven by multiple factors like global geopolitical and economic uncertainty, interest-rate cuts by Western central bankers, and strong demand from central banks and high-net-worth individuals. Silver prices crashed by plummeting Rs 2,000 to Rs 89,700 per kg on Tuesday. The white metal finished at Rs 91,700 per kg in the previous trading session. The price of 99.5 per cent purity depreciated Rs 550 to Rs 78,400 per 10 grams against the previous close of Rs 78,950 per 10 grams on Monday. Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery increased Rs 253 or 0.33 per cent to trade at Rs 76,513 per 10 grams. "Gold traded recovering slightly after the selling pressure observed on Monday. Prices rose to Rs 76,500 on MCX. The recent selling was primarily driven by a rising dollar index, which climbed back above the 108 mark, creating resistance for gold near Rs 77,000 in MCX. "Additionally, thin trading volumes due to the holiday period and New Year celebrations have kept gold prices range-bound, with limited participation from market participants," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Silver contracts for March delivery rose Rs 169 or 0.19 per cent to Rs 87,700 per kg on Tuesday in futures trade on the bourse. Globally, Comex gold futures rose USD 4.8 per ounce or 0.18 per cent to USD 2,622.90 per ounce. According to Abans Holdings' Chief Executive Officer Chintan Mehta, gold prices hold steady as the dollar index remains strong, with traders tempering expectations for Federal Reserve rate cuts in 2025, following recent hawkish signals. However, Comex silver futures dipped 0.16 per cent in the Asian market hours at USD 29.37 per ounce. Markets will focus on US home price index data to be released later on Tuesday while monitoring unemployment claims and manufacturing PMI later this week, which will provide more cues on the trajectory of the bullion prices, Mehta said. Although participation in gold has declined due to the holiday season, prices could strengthen as investors gradually increase their exposure. Traders expect gold prices to rise further, but any delay in additional interest rate cuts could lead to short-term declines, creating opportunities for accumulation, he added.

A small positive candle was formed on Nifty's daily chart with minor upper and lower ranges. Technically, this market action indicates a counter-attack by bulls after an attempt at a false downside breakout of the range movement.The crucial 200-day EMA is in the limelight again. After moving below this average on Monday, Nifty failed to show any decisive follow-through weakness in the subsequent session and showed upside bounce from the lows.Meanwhile, a small red candle was formed on the weekly chart that was placed beside the similar green candle of last week, which signals a broader range movement in the market.The upside bounce of Tuesday could be an early indication of another round of upside bounce in the market. Nifty is broadly in a range of 23,500-24,000 levels for the near term. Having bounced back from the lower range of 23,500 levels, one may expect further upside bounce towards 24,000 levels in the coming week, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 23,900 and 23,800 strike prices, while on the put side, the highest OI was at 23,500 strike price followed by 23,600.What should traders do? Here’s what analysts said:Hardik Matalia, Choice BrokingOn the daily chart, the Nifty index witnessed buying from lower levels despite a negative opening, indicating strong demand at support zones. However, the index closed below the 23,650 mark for the second consecutive session. On the downside, the 23,600 level remains a critical support; a breach of this level could push the index toward the 23,500–23,200 range. On the upside, 23,800 acts as immediate resistance, with the next significant hurdle at 24,000. A sustained close above these levels is crucial to counter the prevailing bearish momentum. Given the elevated market volatility, traders are advised to exercise caution, implement strict stop-loss measures, and avoid carrying long positions overnight to manage risk effectively.Rupak De, LKP SecuritiesFollowing a weak start, the Nifty recovered smartly during the day. However, the technical setup remains unchanged as the index failed to break above any significant moving averages. Despite this, sentiment appeared to improve throughout the session. On the higher end, if Nifty moves above 23,700, it could advance towards 23,900-24,000. On the lower end, support is placed at 23,550.Hrishikesh Yedve, Asit C. Mehta Investment InterrmediatesTechnically, Nifty on a daily scale has defended its trend line support and formed a bullish candle, indicating strength. On the upside, the 200-Day Simple Moving Average (200-DSMA) is placed near 23,870, which will act as a short-term resistance, while 23,500 will act as support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side, further determining the direction of the market.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Travel services provider Thomas Cook (India) Ltd on Tuesday said there has been a cyber attack on its IT infrastructure and it is working with security experts to support its investigation and take remedial action. In a regulatory filing, the company said,"...there has been an incident involving a cyber attack on our IT infrastructure." Without disclosing the exact timelines, it said, "Immediately upon becoming aware of the incident, we have taken the necessary steps to investigate and respond to the incident, including shutting down affected systems." Thomas Cook (India) added, "We are working with leading cyber security experts to support our investigation and identify the extent of the issue and take remedial action as necessary."