Dhanteras 2016: Gold buying likely to pick up, BSE extended time for ETFs, bond
New Delhi: Demand for gold is likely to pick up Friday across India on Dhanteras day, considered to be an auspicious day for buying the yellow metal.
After logging gains for two days, gold price yesterday headed lower by Rs 15 to Rs 30,700 per 10 grams amid a weak trend overseas.
Silver cracked below the Rs 43,000-mark by falling Rs 300 to Rs 42,700 per kg due to reduced off-take by industrial units and coin makers.
It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.
Gems and jewellery retailers are expecting around 25 percent growth in sales during this Dhanteras, compared to last year due to good monsoon and pent up consumer demand.
Meanwhile, state-run trading firm MMTC has tied up with seven banks, including ICICI and HDFC Bank, to sell government minted ‘Indian Gold Coin’ in order to cash in on Dhanteras buying rush.
Leading stock exchange BSE has also decided to extend the trading session for Gold Exchange Traded Funds and Sovereign Gold Bond on October 28 till 1900 hrs on Dhanteras, a festival celebrated two days before Diwali.
“On the auspicious occasion of Dhanteras on Friday, October 28, 2016, the exchange has decided to conduct extended Live trading session in Gold ETF securities and Sovereign Gold Bond (SGB) securities in the equity segment,” BSE said in a notice.
After the regular market hours from 0915 hrs to 1530 hrs, trading in gold ETFs will resume at 1630 hrs on October 28 and continue till 1900 hrs, the exchange said.
It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.
Gold ETFs track the metals prices and each unit of these securities is generally equivalent to one gram of gold, while Sovereign Gold Bonds are government securities denominated in grams of gold – offer an alternative to holding gold in physical form.
Gold ETFs of Axis mutual fund, Birla Sunlife mutual fund, Uti mutual fund, HDFC mutual fund, ICICI prudential and Goldman Sachs are some of the securities that would be available for trading.
The exchange has informed their members that all unmatched pending orders of Gold ETF securities and SGB securities at 1530 hrs would be cancelled and not carried forward to the extended trading session.
All trades done on October 28 during the normal as well as extended trading sessions shall be merged and settled on Wednesday November 2 as per existing settlement schedule, it added.
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Source:Zee news
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