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Gold prices have dropped by Rs 2,900 in just 10 days to Rs 71,065 per 10 grams from a lifetime high of Rs 73,958 as investors shrugged off geopolitical worries related to the Middle East conflict. Gold prices on MCX for June futures contracts rose by Rs 36 to trade at Rs 71,065 per 10 grams on Wednesday while MCX May silver contracts were up by Rs 172 or 0.21% to Rs 80,850 per kg.Safe-haven buying amid conflict between Iran and Israel had made gold prices rise to their lifetime high at Rs 73,958 on 12th April.On Tuesday, the gold June futures =settled on a flat note at Rs 71,014 per 10 grams with a loss of 0.02% and the silver May futures contract settled Rs 21 or 0.02% down at Rs 80,657 per kilogram. “Akshyay Tritiya is around the corner, so consumers are thinking that this is a great opportunity to buy and more importantly I think that the global uncertainties continued to remain, the war between Israel & Hamas, or Russia, Ukraine, or even the way the other geo-political tensions in SouthEast Asia, & China side it continues to remain so that any bad news will make the gold price jump again,” says Suvankar Sen, MD & CEO, Senco Gold & Diamonds.“I think this is more of a profit booking for which the prices have come down” adds Sen. “Consumers also need to realise that the risks and workable political tensions do not go away. Plus, if the US reports start coming negative with regards to unemployment, the interest rate reduction will also be on the cards. So, I think consumers have realised that and are coming and trying to buy jewellery, fearing that gold prices will go up again.”Gold prices edged lower on Wednesday, as fears of an escalation in the Middle East conflict eased, while investors waited for crucial U.S. economic data that could shed more light on the timing of interest rate cuts.In the U.S. markets, spot gold was down 0.1% at $2,320.19 per ounce, as of 0115 GMT, having hit its lowest since April 5 in the previous session. Bullion's March to April rally drove it up by nearly $400 to an all-time high of $2,431.29 on April 12.U.S. gold futures were down 0.4% at $2,333.80 per ounce and the markets are awaiting the March personal consumption expenditure (PCE) data - the Fed's preferred inflation gauge - later this week to further ascertain the trajectory of monetary policy.Today, the US Dollar Index, DXY, was below the 106 mark at Rs 105.67, losing 0.01 or 0.01%.International and domestic silver prices also steadied in Tuesday’s session.“From an intraday perspective, international gold prices have started marginally in the red this early Wednesday morning in Asian trade as traders look to data for cues on the monetary policy outlook from the Fed,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.“The range for MCX gold June is 70,400 to 71,400, while that for MCX silver May is 81,400 to 82,900,” added Iyer.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Equity indices Sensex and Nifty closed higher for the third session in a row on Tuesday, following gains in telecom, tech and consumer durable shares amid a firm trend in the global markets.Stocks that were in focus included names like ABFRL, which rose 9.24%, Tata Consumer, which was flat, and HUL, whose shares increased 0.96% on Tuesday.Here's what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.ABFRLAfter making low around 198 in Mar 2024, price has given a sharp upside move to make the 52 week high of 273. Price has given almost 35% returned from its lower level as buyers were having the upper hand over bears.As the prices are at one year high we can see some profit booking and can see the price of anywhere between 220-230 odd levels. For long stock looks good and can be bought at every dip.The Stochastics Oscillator is moving in the overbought zone indicating some correction from current level. Hence one can buy at dips of 230 and more at 210 with stop loss of 195 on weekly closing basis and upside can be seen till 320-370 in the 10-12 months.Tata ConsumerIn the weekly chart we have seen the stock has given a sharp upside move from its lower level of 682 to make an all time high of 1269 odd levels.From highs price has witnessed some correction as it retraced almost 32% of previous rally to make a low of 1083. In the last 3-5 weeks price has moved in range of 1080-1160 and in the current week with high volume price has breached the consolidation phase and moving above that level indicating further upside from here.The Stochastics Oscillator is moving in the upward trend along with an increase in volume indicating upside movement with limited downside risk. Hence one can buy at current level and more at dips of 1100 with stop loss of 1050 on weekly closing basis and upside can be seen till 1400-1550 in the 10-12 months.Hindustan UnileverAfter making the high around 2669 in Han 2024, price has witnessed a bear run to make the 52 week low of 2172 odd levels. Lower Top Lower Bottom pattern is formed as sellers were having upper hand over bulls.From lows, stocks have given some pull back and are closing above 20 DMA of 2250 indicating some upside move from here. Stock can face a minor resistance around 2300, once this level is taken out we can see sharp upside moves and can touch 2450-2550 in no time.For the long term, stock looks goods and can be bought at every dip. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating an upside movement with limited downside move.Hence one can buy at current level and more at dips of 2200 with SL of 2150 on weekly closing basis and upside can be seen till 2450-2550 in next 6-8 months.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Tesla reported Tuesday that it made significantly less money in the first three months of the year because of its tepid car sales, reinforcing concern among investors that the company led by Elon Musk is losing ground in the market for electric vehicles. Profit fell 55%, to $1.1 billion, from the first quarter of 2023, the company said. And revenue fell 9%, to $21.3 billion. A slump in earnings was seen as inevitable after Tesla said this month that sales in the first quarter fell 8.5% from a year earlier and after the company announced plans to lay off more than 10% of its employees worldwide, or about 14,000 people. The job cuts were interpreted as a sign that Tesla was struggling to bring costs in line with sinking revenue. In the first quarter of 2023, Tesla made $2.5 billion and had one of the best profit margins in the industry, the company said a year ago. But it has been forced to cut prices, lowering the amount it makes on each car it sells. For a while, that strategy seemed to help bolster the company's sales, but Tesla now appears to be struggling to attract buyers even with lower prices. Tesla's operating profit margin last quarter was 5.5%, half as much as a year earlier and in line with how much other automakers tended to earn. Tesla investors are increasingly worried that its falling sales and profit are a symptom of larger problems, possibly pointing to the company's inability to effectively respond to increased competition from established automakers and new carmakers from China. Musk signaled recently that Tesla would focus on autonomous driving technology and a vehicle he called the Robotaxi, sowing doubt about the company's plans to develop a new, lower-priced model that could make electric cars affordable to a broader range of customers and people in more countries. Tesla said Tuesday that it remained on track to start producing a lower-priced vehicle next year. But in a change designed to reduce upfront investment, the car will use some new components and some borrowed from existing vehicles. That strategy will allow Tesla to make its new model without building new factories, the company said. Tesla's share price, which had fallen by about 40% this year, surged in extended trading Tuesday after its first quarter report. Investors appeared to be pleased that the company was still planning a more affordable model. (This article originally appeared in The New York Times.)