Gold prices today fall to near 1-year lows. In India, rates dip below ₹50,000

 Gold prices today: Global rates today fell to $1,691 per ounce, the lowest since August 21

In India, the fall in gold rates has been less steep due to the recent import duty hike on the yellow metal.

In global markets, gold rates today fell to lowest in nearly a year, buffeted by an elevated Us    dollar.Prospects of more interest rate hikes by major central banks also weighed on bullion's appeal. Spot gold today fell to $1,691.40, the lowest since August 2021. A stronger US dollar makes greenback-priced bullion more expensive for buyers holding other currencies.

In India, the fall has been less steep due to the recent import duty hike on the yellow metal. MCX gold futures were down 0.5% to ₹49,958 per 10 gram, the lowest since February, while silver fell 0.88% to ₹55130 per kg. India imports most of its gold requirement. Besides global rates and rupee-dollar movement, domestic prices also track change in different levies like import duty and GST.

“COMEX gold trades near Aug.2021 lows weighed down by pause in US dollar ahead of ECB decision today. Also weighing on price is stability in equity markets, concerns about consumer demand in India and China and continuing ETF outflows. Gold stalled near $1700/oz level for last few days despite weakness in US dollar which showed lack of confidence that US currency may weaken significantly. Gold may remain under pressure unless we see renewed selling pressure in US dollar post ECB decision. ECB is largely expected to raise interest rate by 0.25% however there is some expectations of a bigger move as well," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Commodity traders will be focused on the European Central Bank policy outcome today. The ECB is expected to raise interest rates for the first time in 11 years. Next week, the policymakers of US Federal Reserve will meet to decide on interest rate. The Fed is widely expected to raise interest rates by 75 basis points at its policy meeting next week to combat inflation.

Although gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding bullion, which pays no interest.

Despite the price dip, ETFs continued to see outflows. The holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.3% to 1,005.87 tonnes on Wednesday from 1,009.06 tonnes on Tuesday.

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Reliance Industries rises as its arm acquires stake in Vitalic Health and its subsidiaries

Reliance Industries is currently trading at Rs. 2142.95, up by 24.20 points or 1.14% from its previous closing of Rs. 2118.75 on the BSE.

The scrip opened at Rs. 2141.95 and has touched a high and low of Rs. 2150.00 and Rs. 2137.20   respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2198.70 on 27-Jul-2020 and a 52 week low of Rs. 867.45 on 23-Mar-2020.

Last one week high and low of the scrip stood at Rs. 2156.50 and Rs. 2070.00 respectively. The current market cap of the company is Rs. 1432705.40 crore.

The promoters holding in the company stood at 50.37%, while Institutions and Non-Institutions held 38.54% and 11.10% respectively.

Reliance Industries’ subsidiary -- Reliance Retail Ventures (RRVL) has acquired equity shares of Vitalic Health (Vitalic) and its subsidiaries for a cash consideration of around Rs 620 crore. The said investment represents around 60% holding in the equity share capital of Vitalic and direct 100% equity ownership of its subsidiaries, viz: Tresara Health (THPL), Netmeds Marketplace (NML) and Dadha Pharma Distribution (DPDPL). RRVL will further acquire equity stake in Vitalic, through a mix of secondary purchase and primary investment, for at least 80% stake by April 2024, with an option to increase to 100% ownership.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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Indiabulls Housing Finance Ltd. shares rise 1.82% as Sensex slides

Shares of the Indiabulls Housing Finance Ltd NSE 1.84 %. traded at Rs 218.65 on BSE at 11:21AM (IST) on Wednesday, up 1.82 per cent from previous close.

The scrip quoted a 52-week low price of Rs 81.25 and a high of Rs 625.0.

Earlier, shares of the company saw a opening in the morning.

A total of 890,111 lakh shares changed hands on the counter till 11:21AM (IST).

The stock of Indiabulls Housing Finance Ltd. commands a market value of Rs 9299.74 crore.

The stock traded at a price-to-earning (P/E) multiple of 4.23, while the price-to-book value ratio stood at 0.59. Return on equity (ROE) was at 14.15 per cent, according to exchange data.

In the BSE500 pack, 258 stocks traded in the green, while 242 stocks were in the red.

Promotor Holding

Promoters held 23.43 per cent in the Indiabulls Housing Finance Ltd. as of 30-Jun-2020 while foreign portfolio investors and domestic institutional investors owned 38.28 per cent and 0.17 per cent, respectively.

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