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Comex Gold has crossed $4100. In such a situation, there is a rise in the shares of Manappuram, Muthooth Finance, IIFL Finance. In fact, gold and silver prices have reached record levels on the expectation of US Fed rate cut. As of 10:54 am today, December gold futures on MCX are trading 1.13% higher at Rs 1 lakh 25 thousand 254 per 10 grams.
There has been a strong rise in the prices of gold. Comex gold has crossed $4100. Due to expensive gold, there is a sharp rise in the shares of gold finance companies. When gold prices increase, collateral value increases and the loan book of companies becomes stronger.
Due to the rise in gold, there is a rise in the stocks of three companies. This includes Manappuram, Muthooth Finance and IIFL Finance. Let us tell you what is the reason behind this rise and how much growth is being seen in the shares.
Strong rise in these three stocks
A rise of 2.10 percent is being seen in the stocks of IIFL Finance. The share is trading at Rs 546.70. Apart from this, a rise of 1% is being seen in the shares of Manappuram. Today its shares are trading around Rs 277 on BSE at 10.44 am. Apart from this, the stock of Muthoot Finance is trading at the price of Rs 3668.20. A rise of 1.57 percent is being seen in its shares. As of 10:54 am today, gold futures for December on MCX are trading up by 1.13% at Rs 1 lakh 25 thousand 254 per 10 grams and silver futures for December have increased by 1.63% to trade at Rs 1 lakh 56 thousand 998 per kg.
Gold has increased by 60 percent
According to CNBC report, gold has strengthened its position after falling below the record level of $ 4380 an ounce last month. Some investors were worried that the rally had come too much, too soon. Despite this, gold has increased by almost 60 percent this year and is on its way to its best annual performance since 1979.
Due to this reason there was a rise
The shine of gold has increased due to the expectation of rate cut from the US Fed. Many investors expect a rate cut from the US Fed in the December policy. While giving information on the purchase of gold on CNBC Awaaz, Gaurang ji said that – If someone wants to book profits then this level will be right and if someone wants to invest in gold then why take risk by investing in gold in companies, in such a situation investors can invest in gold ETFs.
An important reason behind the rise in gold is that Federal Reserve Governor Christopher Waller has said that the labor market in America is weak and hence a rate cut in December should be supported. Since gold does not give interest, the environment of low rates supports it. Apart from this, New York Fed Chairman John Williams also said on Friday that he sees scope for a rate cut (US Fed Rate Cut) in the near future. The swaps market is giving almost 80 per cent chance that there could be a cut of one-fourth per cent in the last meeting of the year.
