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Gold slipped 1 percent today on the Multi-Commodity Exchange (MCX), Silver at Rs 60,565 per kg.



Gold slipped nearly 1 percent on October 5, tracking a muted trend in the international spot prices. On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.85 percent at Rs 50,138 per 10 gram at 0920 hours. December silver futures were trading 0.95 percent lower at Rs 60,565 per kg.

Experts are of the view that below Rs 50,000, the next big support for the yellow metal is placed at Rs 49800 per 10 gm. It could retest Rs 51,200-51,500 on the upside.

Domestic gold and silver ended with modest gains on October 1. Indian markets were shut the next day on account of Gandhi Jayanti.

Gold and silver rebound last week after previous weeks’ sell-off. Gold gained 2.14 percent and settled at $1,904 per troy ounce and silver was up 3.94 percent at $23.87 per troy ounce at Comex division on October 2.

Both the precious metals also settled on a positive note in the domestic market despite the strength in the rupee. Gold settled at 50,570 per 10 gram while silver settled at Rs 61,145 per one kilogram.

Weakness in the dollar index, the hope of a second US stimulus and the news of US President Donald Trump testing positive for  COVID-19 supported safe-haven buying in both the metals.

The dollar index slipped around 1 percent from the previous week to below 94, experts said.

“We expect both the precious metals to remain positive this week and dip in the prices will be an opportunity to buy again. At MCX, gold is expected to test 51,200-51,500 levels again this week, while 49,800 will act as a major support,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart

Silver, too, is also expected to trade with a positive bias and could test $24.60-25.20 per troy ounce, with $23.20 acting as a major support. On MCX, silver is expected to test Rs 63,500-64,800 levels again, with 59,800 acting as a major support, Jain said. “We expect that the buy-on-dip strategy will work for this week,” he said.


ICICI Bank sets up presence in Nepal



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Lending major ICICI Bank on Thursday launched its operations in Nepal, via a representative office, to become the first Indian private sector bank to set up its presence in the country.

The bank opened a representative office in Kathmandu which will closely work with the domestic banks in Nepal to facilitate investment, trade, payments and treasury business between the two countries.

According to the bank, the current foray has expanded its global footprint to 15 countries including India.

“India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal, will help us further our participation in the economic flows between the two countries,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.

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