Gold Price Today, 3 Oct 2022: Gold, silver price jump, follow global cues; check support, resistance levels Gold Price Today in Delhi, Chennai, Kerala, Hyderabad and Other Cities: Gold rate and silver rate were ruling in green in India on Monday, on the back of positive trend in the global market. On Multi Commodity Exchange, gold December futures were ruling Rs 226 or 0.45 per cent down at 50,420 per 10 gram. Silver December futures were trading Rs 922 or 1.6 per cent up at Rs 57780 per kg. Globally, yellow metal prices edged higher on a softer dollar, although central banks worldwide retained their aggressive monetary policies to tackle soaring inflation, limiting gains for safe-haven bullion. Spot gold was up 0.3% at $1,665.29 per ounce. U.S. gold futures ticked 0.1% higher to $1,673.30. Also Read: September PMI shows manufacturing grows for 15th month in a row; output looks set to expand further Gold has posted six months of consecutive loss and last time it happened was way back in 2018 when we saw the end of the bear trend in gold prices. Gold found some momentum on Thursday and Friday and the short term trend has now shifted from sideways to down to neutral to bullish. Gold also had some help from geopolitical tension as Russia annexed four regions of Ukraine but it is essential to remember that any geopolitical gains in gold are likely only temporary. Considering the monetary policy situation, it will be hard to shift gold’s overall bearish trend. Ultimately, the U.S. dollar continues to be strong. Gold’s near-term direction will largely depend on the employment and inflation data released in the first two weeks of October. Intraday one can go long at any dips with stoploss of 50150 and expected target of 50650-50700. Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities MCX Gold December has advanced on Monday morning amid broader dollar weakness. On the global front, Comex Gold appreciated above $1,660 an ounce as the market is discounting that major central banks are expected to continue raising interest rates aggressively to combat surging inflation. Leading the pack, US Fed officials stressed the need last week to keep hiking rates to restrictive levels amid persistent inflationary pressures, even at the risk of slower growth and further market volatility. The ECB is also expected to deliver another jumbo rate increase as eurozone inflation exceeded forecasts to hit a new record high of 10% in September. Higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal. The metal lost nearly 3% in September for its sixth straight monthly decline, and is still down about 20% from this year’s high. MCX gold December may rebound to Rs 50,650 an ounce. Also Read: Electronics Mart India IPO opens on Tuesday, GMP rises; should you subscribe? Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services Gold and silver prices inch higher, continuing its momentum from previous session amidst a softer dollar, although central banks worldwide retained their aggressive monetary policies to tackle soaring inflation, limiting gains for safe-haven bullion. Fed and other major central bankers have been resolute in raising interest rates despite a turmoil in global financial markets. Fed Vice Chair Lael Brainard on Friday added her full endorsement of the U.S. central bank’s higher-for-longer game plan for interest rates to curb inflation. Eurozone inflation zoomed past forecasts to hit 10% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the ECB. There are a lot of updates regarding uncertainties raising fear regarding global growth slowdown supporting metal prices. India slashed the base import prices of gold on Friday; while physical gold market in India flipped to a premium last week as demand improved ahead of festivities.Broader trend on COMEX could be in the range of $1650-1685 and on domestic front prices could hover in the range of Rs 49,920- 50,840. (The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.