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Gold emerges as the best-performing asset class in 2022

Gold emerges as the best-performing asset class in 2022

Wednesday, February 23, 2022

After underperforming most risk assets last year, Gold has emerged as the best-performing asset class in 2022. The metal was trading at around $1,900 per ounce in the international market yesterday(22nd Feb.2022), up from $1,796 at the end of January. The precious metal made an intra-day high of $1,918 on Tuesday. Currently, gold is trading at its highest level since June 2021. The yellow metal is up nearly 5 percent during February and nearly 4 percent since the beginning of the calendar year as stocks and currencies struggle amidst high inflation and geopolitical tensions between Russia and Ukraine. In comparison, the Dow Jones is down 6.2 percent year-to-date (YTD) in 2022, while the Sensex is down 2 percent YTD in dollar terms and 1.6 percent in local currency. Other major stock indices, such as UK's FTSE100, Germany's DAX, Japan's Nikkei 225, and China’s Shanghai Composite, have also underperformed the yellow metal this year so far. Read more

Manappuram Finance shares tumbles 13 percent, hits 52-week low

Manappuram Finance shares tumbles 13 percent, hits 52-week low

Tuesday, February 15, 2022

Shares of Manappuram Finance hit a 52-week low of Rs 123.85 after they slipped 13 percent on the BSE in Tuesday's intra-day trade after the financier reported a 46 percent year-on-year (YoY) drop in consolidated net profit at Rs 261 crore in the December quarter (Q3FY22), due to weak operational performance. The non-banking finance company (NBFC) had posted a net profit of Rs 483 crore in the corresponding quarter a year ago. Net interest income (NII) fell 12 percent YoY to Rs 915 crore driven by a sharp compression in spreads. Total income during the October-December period of 2021-22 was down at Rs 1,506.85 crore, as against Rs 1,650 crore in same Technical data of the NBFC stock shows that Manappuram Finance has given a 22% negative return In six months and declined further to 27% in the last year as of February 15. In Q3FY22, profit before tax (PBT) of gold loan and other segments declined 44 percent YoY at Rs 347 crore, Read more

The bumper festival season may help push India’s gold imports to as much as 900 tons this year

The bumper festival season may help push India’s gold imports to as much as 900 tons this year

Thursday, December 16, 2021

A flurry of weddings is seen as couples rush to tie the knot following a lifting of some virus curbs. About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year’s expected annual total, after the government eased some restrictions around gatherings. It’s a stark turnaround for India’s jewelers, who have seen demand hammered for almost two years as the coronavirus led to the postponement of many weddings while broader financial hardship further curbed purchases. The bumper festival season may help push India’s gold imports to as much as 900 tons this year, the highest in six years, Metals Focus Ltd said. That’s up from about 350 tons last year, according to World Gold Council figures. Read more

India's GDP to grow 9.1% in 2022: Goldman Sachs

India's GDP to grow 9.1% in 2022: Goldman Sachs

Tuesday, November 23, 2021

Wall Street brokerage Goldman Sachs today (November 23) estimated India's GDP growth at 9.1% in 2022. After India's economy contracted by a sharp 7% in 2020, Goldman Sachs pegged the economy to grow at 8% in 2021 and 9.1% in 2022. It earlier estimated India's economic growth to 11.1% in the fiscal year to March 31, 2022. It expects consumption and investment to be the key drivers of growth in 2022. "We expect consumption to be an important contributor to growth in 2022, as the economy fully re-opens driven by a notable improvement in the virus situation and adequate progress on vaccination," Goldman Sachs said in a report. The brokerage also forecasts the headline CPI inflation to increase to 5.8% in 2022 from 5.2% in 2021, led by an increase in core inflation as manufacturers pass on input cost increases to consumers as demand recovers with full economic re-opening.

Manappuram Finance shares decline 15 percent after Q1 result

Manappuram Finance shares decline 15 percent after Q1 result

Wednesday, August 11, 2021

Shares of Manappuram Finance slipped 15 percent at Rs 163.45 on the BSE in the intra-day trade on Wednesday after the company reported consolidated profit after tax (PAT) at Rs 436.90 crore, The company has posted Rs 368.11 crore during the previous quarter ended June 2020, up 18.7 percent year on year (YoY), but down 8 percent quarter on quarter (QoQ) for the quarter ended June 2021 (Q1FY22). The company missed street’s expectations due to lower net interest income (NII) in the first quarter of the financial year 2021-22 (April-June). Income from operations was up by 3.4 percent to Rs 1,565 crore in Q1FY22 as against Rs 1,513 crore in Q1FY21, Manappuram Finance said in a regulatory filing. The gold loan book declined 13 percent QoQ to Rs 16,500 crore and gold holdings slipped 11 percent QoQ to 58.1 tonnages. Its assets under management (AUM) hit a six-quarter low. Read more

Attractive equity markets and volatile gold prices deterrents for investment in the yellow metal

Attractive equity markets and volatile gold prices deterrents for investment in the yellow metal

Thursday, July 29, 2021

Attractive equity markets and volatile gold prices may prove to be a deterrent for investment in the yellow metal in the second half of 2021, suggests the latest report from World Gold Council (WGC). That said, the upcoming festival season, including Dhanteras and the wedding season in the October – December quarter of 2021, WGC believes, may see an uptick in demand for the yellow metal. “Consumer investment in gold increased in the second quarter of 2021, but some investors were less bullish. Outlook for the second half of 2021 is yet uncertain, as consumer confidence and business response are subject to the impact of a looming threat of the third wave of Covid and the pace of economic recovery,” said the WGC report. But attractive equity markets and volatile gold prices may prove to be a deterrent for investment in the yellow metal in the second half of 2021. Read more

Young Indian investors rather put money in crypto than gold

Young Indian investors rather put money in crypto than gold

Monday, June 28, 2021

In India investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban. Indians now totaling more than 15 million are buying and selling digital coins. That’s catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K. The growth in India is coming from the 18-35-year-old cohort, says the co-founder of India’s first cryptocurrency exchange. Latest World Gold Council data indicated Indian adults under age 34 have less appetite for gold than older consumers.“They find it far easier to invest in crypto than gold because the process is very simple,” say experts. Read more

Titan jumps 7 percent and hits record high

Titan jumps 7 percent and hits record high

Thursday, June 3, 2021

Shares of Titan Company gained 7 percent after hitting a record high of Rs 1702 on the BSE in intra-day trade on Thursday amid the expectation of a strong recovery, due to pent-up demand and market share gains. Rakesh Jhunjhunwala’s favorite stock surpassed its previous high of Rs 1,620.95, touched on January 6 this year, and was the top Sensex gainer on Thursday. Titan Company’s market capitalization now stands close to Rs 1.5 lakh crore. Analysts believe that this stock may rally 7 percent more from current levels to Rs 1,800 in the next few days. Rising gold prices are also seen as a positive factor for Titan shares as consumers buy jewelry in anticipation that gold prices may continue to rise in the days to come. On April 29, Titan reported robust sales growth of 61 percent year-on-year (YoY) in the January-March quarter (Q4FY21) but the operating performance was below Street estimates on lower Ebitda margins due to a steep fall in gross margin.

Gold demand plunged to 11-year low in 2020:WGC

Gold demand plunged to 11-year low in 2020:WGC

Thursday, January 28, 2021

Global demand for gold fell to its lowest in 11 years in 2020 as the coronavirus upended the market, triggering huge stockpiling by investors. but sales of jewellery and purchases by central banks collapsed according to an industry report on 28th January 2021. The pandemic also transformed the geography of the bullion trade, sucking gold from Asia, where most gold is sold as jewellery, to Europe and the United States, where investors are the dominant consumers. It also pushed the value of gold up 25% in 2020, because investors have much more impact on prices than the jewellery market. Global demand for gold fell to 3,759.6 tonnes last year, down 14% from 2019 and the first year below 4,000 tonnes since 2009, the World Gold Council (WGC) said in its latest quarterly report. The year ended on a weak note, with demand over October to December at 783.4 tonnes, down 28% year-on-year and the lowest of any quarter since 2008, the WGC said.

Yearly gold demand in 2020 can be the lowest since 1995 in India: WGC

Yearly gold demand in 2020 can be the lowest since 1995 in India: WGC

Thursday, October 29, 2020

The 2020 calendar year may turn out to be the worst year for gold demand in India since 1995. According to the World Gold Council (WGC), gold demand in India so far in CY20 stands at 252 tonnes, as compared to 496 tonnes in the same period last year. Even if October – December 2019 (Q4CY19) demand of 194 tonnes is added to the CY20 demand till now, the total demand for CY20 will be lower compared to CY19 total demand of 696 tonnes. As per WGC data, the calendar year 1995 was the worst with the yearly gold demand in India at 462 tonnes, which improved marginally to 511 tonnes in 1996, 547 tonnes in 2002, and 642 tonnes in 2009. Read more

Muthoot Finance plans to raise Rs 2,000 cr through bonds

Muthoot Finance plans to raise Rs 2,000 cr through bonds

Monday, October 26, 2020

Gold loan company Muthoot Finance on Monday said it is looking to raise up to Rs 2,000 crore through a public issue of non-convertible debentures (NCDs) for lending purposes. The proposed debenture issue will have a base issue size of Rs 100 crore with an option to retain oversubscription up to Rs 1,900 crores aggregating up to tranche limit of Rs 2,000 crore."The issue will open on October 27, 2020, and will close on November 20, 2020, with an option to close on such earlier date or an extended date as may be decided by the board of directors or NCD committee. The NCDs are proposed to be listed on BSE. The allotment will be on a first come first serve basis. The funds raised through this issue will be utilised primarily for lending activities, the company said. There are six investment options for Secured NCDs with monthly or annual interest payment frequency or on maturity redemption payments with coupon ranging from 7.15 per cent to 8 per cent per annum. Read more

The bull-run in markets will continue:Goldman Sachs

The bull-run in markets will continue:Goldman Sachs

Tuesday, September 8, 2020

Analysts at Goldman Sachs believe that, the market rally that started in March 2020 after hitting their lowest point 2020 has more legs, and cautions that there could be intermittent corrections along the way. "Markets, are in the first phase of a new investment cycle, which it calls a ‘Hope’ phase, following a deep recession. Investors, it says, start to anticipate a recovery in this phase and is typically the strongest part of the cycle, Goldman Sachs says. “That is what we have been seeing this year. The main triggers for the rebound, in our view, were a combination of slowing infection rates and extraordinary policy support. Financial conditions, which were tightening sharply in the early part of the lockdown, eased rapidly and governments implemented extraordinary fiscal support packages,” wrote, chief global equity strategist and head of macro research at Goldman Sachs in yesterday's report. Read more

RBI extends debt restructuring for MSME, ups gold LTV ratio

RBI extends debt restructuring for MSME, ups gold LTV ratio

Thursday, August 6, 2020

Financials and realty stocks soared in the afternoon session today after the RBI, in its second bi-monthly policy for the financial year 2020-21 (FY21), announced measures to support NBFCs, HFCs, corporate debt market, debt MF, agriculture and backward districts (via priority sector loans). Besides, it announced a relaxation on the loan-to-value (LTV) ratio for gold loans. "It has been decided that stressed MSME borrowers will be made eligible for restructuring their debt under the existing framework, provided their accounts with the concerned lender were classified as standard as on March 1, 2020. This restructuring will have to be implemented by March 31, 2021," RBI governor Shaktikanta Das said. Read more

Gold breached $1,800 barrier for the first time since 2011

Gold breached $1,800 barrier for the first time since 2011

Wednesday, July 8, 2020

Gold briefly breached $1,800 an ounce today(8th July 2020) for the first time since 2011 as mounting fears over the fast global spread of the coronavirus sent investors scurrying for safe havens. Spot gold had risen 0.3 percent to $1,799.22 per ounce by 0854 GMT, after hitting its highest since November 2011, at $1,800.18, earlier in the session. US gold futures rose 0.2 percent to $1,812.90 per ounce. European shares opened lower as soaring COVID-19 cases dented hopes of a swift economic recovery. Read more

Gold prices surged to a record high

Gold prices surged to a record high

Tuesday, June 23, 2020

Gold prices surged to a record high in India today( 22nd June 2020), as safe-haven bets remained in vogue in light of the coronavirus pandemic that has led to an economic slowdown across the globe. The escalated geopolitical tensions between India and China also drove the recent leg of the rally for the yellow metal in the domestic market. Analysts believe the rally for gold is here to stay and foresee a firm trend in the near term. Read more

Mukesh Ambani's Reliance Group Becomes Net Debt-Free

Mukesh Ambani's Reliance Group Becomes Net Debt-Free

Friday, June 19, 2020

Billionaire Mukesh Ambani said Reliance Industries is now "in its golden decade" as his group became net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. Reliance has turned net debt-free by raising Rs 168,818 crore in two months through the country’s largest-ever rights issue of Rs 53,124.20 crore and series of stake sale deals in its arm Jio Platforms of Rs 115,693.95 crore. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," RIL will set even more ambitious growth goals and achieve them, Mukesh Ambani said in a statement released early on Friday. As per Reliance Industries, the company's net debt was Rs 161,035 crore as on March 31, 2020. Read more

Muthoot Finance shares jump 19 per cent after Q4 earnings

Muthoot Finance shares jump 19 per cent after Q4 earnings

Thursday, June 18, 2020

Shares of the Kerala-based lender Muthoot Finance on Thursday jumped 19 per cent after the company reported a 52.4 per cent jump in consolidated net profit at Rs 835.78 crore in the last quarter of the fiscal ended March 2020, due to higher demand for gold loans. The company had posted a net profit of Rs 548.56 crore during the corresponding quarter of fiscal ended March 2019. The Company's asset under management grew 22% year-on-year and a 15% fall in provisions helped boost net profit. The fall in provisions is a fallout of a drop in bad assets. Performance for the last year has been good for the company because of the strong performance of the gold loan business, it said. Its total income during March quarter of FY20 rose to Rs 2,633.58 crore from Rs 2,088.84 crore in the year-ago period, MFIN said in a regulatory filing. For the fiscal year 2019-20, the company reported a 51 per cent jump in consolidated net profit at Rs 3,168.68 crore as against Rs 2,102.96 crore in 2018-19. Read more

Profit booking expected in gold as safe haven demand fades out

Profit booking expected in gold as safe haven demand fades out

Monday, June 8, 2020

A sharp fall in gold prices this past week took investors by surprise but according to experts, it was expected. Gold prices enjoy an inverse relationship with equities, which have been rallying of late on hopes that the global economic recovery from the coronavirus crisis will be faster than expected. A sharp drop in the US unemployment rate in May and solid PMI readings in some of the Asian economies have weakened the safe-haven appeal of the yellow metal. In India, lockdown restrictions have lifted to a large extent, with shopping malls, hotels, and restaurants opening in large parts of the country from today. This has eased concerns over the impact of coronavirus pandemic on the economy, thus somewhat diminishing the appeal of safe-haven gold. Read more

Central banks may be forced to sell gold: Chris Wood

Central banks may be forced to sell gold: Chris Wood

Friday, May 15, 2020

There is a growing risk of liquidation of gold in India caused by a lockdown-triggered collapse in economic growth, wrote Christopher Wood, global head of equity strategy at Jefferies. The potential for forced selling in gold, Wood believes, could come from central banks given the dramatic fiscal deterioration being suffered by many countries. India, he said, is at risk given its substantial gold holdings. “Another potential seller is Saudi Arabia where fiscal pressures caused a draconian threefold increase in the value-added tax (VAT) rate to 15 percent and the suspension of cost of living allowances,” Wood said. Read more

Goldman Sachs, Nomura lower FY21 GDP estimate for India

Goldman Sachs, Nomura lower FY21 GDP estimate for India

Friday, May 8, 2020

Goldman Sachs and Nomura (Global research and broking houses) – have sharply cut their economic growth projections for India FY 21 and expect the RBI to cut rates sharply to stem the economic rout caused by the lockdown due to Covid-19 pandemic. Analysts at Goldman Sachs, for instance, expect the Indian economy to contract 0.4 percent in FY21 versus consensus median 2.7 percent following the extension of the nationwide lockdown. In April, they had expected the GDP growth to slip to 1.6 percent in FY21. Read more

Is this a good time to invest in gold bonds?

Is this a good time to invest in gold bonds?

Thursday, April 23, 2020

RBI has announced Series-I of the sovereign gold bond (SGB) scheme for 2020-21. Investors are wondering if this is a good time to invest in the yellow metal. It has run up nearly 100 percent in the past year. Under the scheme, one can buy a minimum of 1 gm of gold at Rs 4,639 per gm, with Rs 50-discount on a purchase made online. The upper limit for investing via SGBs is 4 kilos of gold. You also get 2.5 percent interest on the initial investment, payable every six months. The subscription is open till April 24. Read more

Gold Price Today: Rs 40,529 per 10 gram at 09:20 hours

Gold Price Today: Rs 40,529 per 10 gram at 09:20 hours

Thursday, January 30, 2020

Gold Price today rose as US Federal Reserve said the coronavirus outbreak could hurt China's economy in the short term. On the MCX, gold contracts for February were trading higher by Rs 179, or 0.44 percent, at Rs 40,529 per 10 gram at 09:20 hours.

Tag: gold

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