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In the current financial year, gold and silver prices have appreciated by nearly 10 and 24 per cent, respectively.

"From Indian perspective, with the customs duty cut in July, that has and will give a big boost to consumption of gold...We broadly foresee that the October-December quarter would be pretty strong. It's a good time for gold," Sachin Jain, Regional CEO, India, World Gold Council, told ANI over the phone.

Ajay Kedia, head of Mumbai-based firm Kedia Advisory, said he sees futures prices of gold rallying towards Rs 77,000 in the near term.

Gold prices are currently at around Rs 75,000 per 10 grams, marginally lower than the all-time high of around Rs 75,400. At the start of the financial year, the prices were around Rs 68700.

"For a rally, a correction in prices is also needed, which we are seeing now. ETF buying, central banks' buying, geopolitical tensions all are bull factors for gold," Ajay Kedia said.

For silver, Kedia anticipates prices to march towards Rs 100,000 per kg in the near-to-mid-term.

"Industrial use of silver is increasing, such as for EVs and solar panels. Silver prices were unable to pick up because of the recession fears in certain countries. But in the past months, we have been seeing outperformance in silver," said Kedia.

Silver prices are currently around Rs 93,000 per kg, as against Rs 75,000 at the start of the current financial year.

Manoj Kumar Jain, Director - Head commodity and Currency Research, Prithvi Finmart, said he sees gold futures tasting Rs 77,000, and silver at Rs 96,000 in the near term.

"Usual market fundamentals are not working, and the bull run in the market is driven by post-Covid gold buying by central banks as part of de-dollarisation, besides heightened geopolitical tensions and rate cuts by various central banks. A reduced interest rate is also a positive for gold and other commodities," Jain said.

International gold prices have seen an "extraordinary" rise this year at about 40 per cent, versus its normal average of about 10 per cent, Jain added.

Colin Shah, MD, Kama Jewelry, and former Vice Chairman Gem and Jewellery Export Promotion Council (GJEPC), said that the demand for gold is expected to be robust with the onset of festive season.

"The key drivers behind the stellar performance of gold is the beginning of a rate cut cycle in the US, followed by strong anticipation for further rate cuts in the upcoming meetings. The geopolitical tensions between Israel and Lebanon are also pushing gold prices up," said Shah.

International gold prices are currently testing the USD 2700 levels per ounce, and Shah's expectation is that it may touch USD 3,000 levels. In domestic market, he expects prices to cross Rs 78,000 in the medium to long-term.

Pranav Mer, Vice President, EBG - Commodity and Currency Research, JM Financial Services Ltd, also painted a similar picture. Mer said the bullion is likely to remain supported by safe-haven demand, buying among ETF investors.

"On chart... trend remains positive till support at 75850/ 75500 holds, while on the upside resistance is seen at 76550 (for Dec. futures)," Mer added.

(ANI)

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Intraday, Sensex and Nifty made a new all-time high of 85,978 and 26,277 respectively.

At closing, Sensex was down 264 points or 0.31 per cent at 85,571 and Nifty was down 37 points or 0.14 per cent at 26,178.

The market decline was led by banking stocks. Nifty Bank fell 541 points or one per cent to 53,834.

In the Sensex pack, Sun Pharma, Reliance, Titan, HCL Tech, Bajaj Finserv, Asian Paints, NTPC, IndusInd Bank, Tata Steel, Maruti Suzuki, Infosys, TCS, SBI, M&M and ITC were the top gainers. Power Grid, ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, L&T, UltraTech Cement, HUL, JSW Steel and Axis Bank were the top losers.

Selling was also seen in the mid and smallcap stocks. The Nifty Midcap 100 index was down 88 points or 0.15 per cent at 60,381 and the Nifty Smallcap 100 index was at 19,242, down 19 points or 0.10 per cent.

Among the sectoral indices, Auto, IT, PSU Bank, pharma, metal and energy were major gainers. Fin Service, FMCG, realty, media and private bank were major laggards.

Rupak De, Senior Technical Analyst at LKP Securities said: "The Nifty took a breather after a few days of continuous gains. The sentiment remains strong as the index continues to stay above important moving averages. This strength is likely to persist as long as it remains above 25,900."

"On the higher end, a fresh round of rally may begin above 26,300. If the Nifty moves above 26,300, it could potentially rise towards 26,600," De added.

Another expert said: "Metals stocks saw a resurgence, while the Pharma and IT sectors saw an uptick on account of weakness in INR. Meanwhile, investors are looking forward to the Q2 earnings report, anticipating an improvement in earnings outlook."

--IANS

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While delivering his speech at a two-day conference of the district collectors here on Friday, the Chief Minister said, “There is no question of any compromise with corruption. This can be as clear a message as possible from me.”

He further stated that collectors are the last mile connectivity between the government and the people. The responsibility of fulfilling the hopes and aspirations of the people lies on the shoulders of the collectors. People will reap the benefits of various welfare schemes launched by the government through the successful implementation of those schemes.

“The new government is committed to the development of Odisha. Our government will take several steps to develop agriculture, education, health, industry, infrastructure in villages and urban areas, the empowerment of women, and the acceleration of the state's economic development. The success of these initiatives will reach the people through your hard work and dedication and the hopes of our new government to make Odisha the number one state in India could be realised too,” he said.

He added that the major cause of worry for a government is the successful beginning and completion of the schemes launched by the government.

“I have personally realised during my long political career that there is a huge deviation in it. And there is corruption, irregularities and escalation of project costs due to the inordinate delays. I have observed a general trend that work usually progresses at a snail’s pace throughout the year while all of a sudden expenditure for work goes up at a lightning speed in the month of March. This leads to deterioration in the quality of work. There is no dearth of funds in our government and the funds are being allocated timely. So, there cannot be any excuse for inordinate delay in the progress of work owing to the scarcity of funds,” he said.

He asked the officials to write to the concerned departments to resolve if they come across such issues. The officials have also been advised to contact the finance department and the Chief Minister if the issues are not resolved. He urged the officials to ensure the timely completion of various projects.

He also advised the collectors to conduct quarterly monitoring of block-wise and scheme-wise implementation along with financial and physical progress. The chief minister emphasised the convergence between different departments of the government for the successful implementation of the scheme.

He urged the collectors to conduct field visits to monitor the progress of the status of the implementation of the schemes.

--IANS

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