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FOMC meet next week to trigger volatility in gold

Updated at : 2023-09-16 14:55:02

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The US CPI inflation data (August) showed that the US core CPI inflation m-o-m rose 0.30% versus the forecast of 0.20%, thus registering the first increase in six months, whereas the headline CPI inflation y-o-y was up 3.70% as against the forecast of 3.60%

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Solid growth in corporate earnings so far and a positive outlook over the next three years have kept sentiment “buoyant,” Motilal Oswal Financial Services Ltd’s Head of Research Gautam Duggad wrote in a note. The broker sees India’s corporate earnings growing 19% annually through fiscal 2026.

Three stocks during the week have delivered over 25% returns with ITI being the top gainer with a rally of 58%. About 36 stocks have delivered 10-20%

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Supply concerns continue to be a driving force for prices since Saudi Arabia and Russia this month announced an extension of their combined supply cuts of 1.3 million barrels per day to the end of this year, said Fiona Cincotta, an analyst at City Index.

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Positive Chinese data also supported other precious metals, setting them on track for weekly gains. Spot silver climbed 2% to $23.08 per ounce, platinum gained 0.5% to $910.91 and palladium steadied at $1,250.40.

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The greenback continued to strengthen against the yen, after the Japanese currency had a sharp move higher versus the dollar earlier in the week. The dollar was last up 0.25% at 147.84 yen after hitting a 10-month high of 147.96.

Three IPOs — SAMHI Hotels, Zaggle Prepaid, and Yatra Online — which are currently open for public subscription and will carry over to the next week. The week will also see listings of EMS Ltd and Jupiter Life Line Hospitals.

“Nifty continued to exhibit strength as the index reached new highs due to large-cap banks and IT stocks. Strong Put writing at 20,100 has further bolstered positive sentiment in the market.”

The report stated that promotes might have bought nearly 2.4 crore shares during period

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