Globe Capital Research Report

BULLION – Reduced geopolitical risks push gold to a more than 2 – week low  

Bullions counter may open on negative path as yellow metal hovered near a one-week low hit in the previous session, as worries over a wider Middle East conflict subsided, boosting investors' risk appetite and lowering bullion's safe-haven demand.

Reliance Industries reported fourth-quarter profit above analysts' estimates on Monday, boosted by strength in its mainstay oil to chemicals (O2C) segment. Company said its consolidated profit fell about 2% to 189.51 billion Indian rupees ($2.27 billion) in the January-March quarter, but edged past analysts' average estimate of 185.22 billion rupees, according to LSEG data. The company, said its consolidated revenue gained 11.6% to 2.41 trillion rupees, helped by a 10.9% jump in its oil-to-chemicals unit on improved price realisation and higher sales of transportation fuels.

BULLION – Gold edges down as rising bond yields dent appeal  

Bullions counter may open on negative path as yellow metal edged lower as higher U.S. Treasury yields weighed on dollar-priced bullion, while investors kept a close watch on any potential escalation in the Middle East conflict.

The Financial Year (FY) 2023-24 has seen a significant increase in Direct Tax collections, with provisional figures showing net collections at ₹19.58 lakh crore. This represents a 17.70% increase from the ₹16.64 lakh crore collected in FY 2022-23. The Union Budget had initially estimated Direct Tax revenue for FY 2023-24 at ₹18.23 lakh crore. However, this was later revised to ₹19.45 lakh crore. The provisional Direct Tax collections have exceeded these Revised Estimates by 0.67%, and the original Budget Estimates by 7.40%.