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The Gold Story: Still A Stunner

| 4/4/2013 9:00 PM Thursday


Despite the government taking up a series of measures to curb the demand for gold, the trends are still not showing much of a reason for the metal to lose its charm for investors, says Amit Bhanot

It may have been the last piece of bad news in the last fiscal, but it hit the Indian economy below the belt. On the last trading day, the whole economy was jolted with the December quarter Current Account Deficit (CAD) number, which has risen to a new high of 6.7 per cent of the GDP, pathetic by any standards. In fact, what is more disturbing is that this figure stood at 5.4 per cent in the quarter ending September 2012. This is more so in an environment where the government is toiling hard to bring the financial health of the country under check by any means, be it fiscal or monetary.

This difficult situation has brought into glaring focus once again, the fascination of the Great Indian Public for the yellow metal, i.e. gold. In fact, this is now being presented by the Government as the primary cause for an unprecedented spurt in CAD (discounting the other major cause that we certainly can’t do away with – a heavy crude oil bill).

 

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Index trend and stocks in action June 17, 2019

Karan DSIJ / Article rating: 5.0

In case Nifty falls below the level of 11,770, it may test the 11,600 mark in the near term. To move upside, the bulls need to move above the 20-DMA once again and sustain for at least two to three days. Only then, the bulls will gain confidence. Stocks in news: BHEL, Elecon Engineering Company, PG Electroplast, FDC, Divi’s Laboratories, Symphony, Coromandel International, Voltas.

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