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Gold slumps Rs 250 on weak global cues, low demand

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New Delhi| Gold prices plunged by Rs 250 to Rs 31,450 per 10 grams at the bullion market here on Saturday, tracking a weak trend overseas amid easing demand from local jewellers.

However, silver hardened by Rs 70 to Rs 38,150 per kg on scattered enquiries from industrial units and coin makers.

Marketmen said sentiment turned bearish after gold prices fell in global markets as the dollar firmed on persistent concerns about an escalating trade war between the US and China.

Globally, gold fell 0.68 per cent to USD 1,198.70 an ounce and silver 0.38 per cent to USD 14.25 an ounce in New York in Friday’s trade.

Fall in demand from local jewellers and retailers at the domestic spot markets too put pressure on gold prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs 250 each to Rs 31,450 and Rs 31,300 per 10 grams, respectively. The precious metal had gained Rs 50 yesterday.

Sovereign, however, remained flat at Rs 24,500 per piece of eight grams.

On the other hand, silver ready advanced by Rs 70 to Rs 38,150 per kg and week-based delivery by Rs 15 to Rs 37,590 per kg.

Silver coins, however, were unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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Rupee extends slide, down 7 paise to 71.23 vs USD

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Mumbai  The rupee slipped by 7 paise to close at 71.23 against the US dollar on Friday, pressured by heavy foreign capital outflows and firming oil prices.

This is the third straight session of loss for the domestic currency, during which it has depreciated by 53 paise.

On a weekly basis, the rupee registered a loss of 8 paise.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.22 and fell further to touch the day’s low of 71.44.

The local unit covered some lost ground, before finally ending at 71.23 per dollar, down by 7 paise against its previous close.

On Thursday, the rupee had tumbled 36 paise to close at 71.16 per US dollar.

Forex traders said heavy selling in domestic equities coupled with foreign capital outflows affected the movement of the rupee.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore Friday, provisional data showed.

“India’s rupee and sovereign bonds declined owing to the continuous rise in crude prices and sustainable foreign outflow. Domestic equity markets also closed on weak wicket, which also weighed on the rupee,” HDFC Securities’ Head, PCG and Capital Markets Strategy, V K Sharma said.

Sharma further said the rising dollar index also weighed on the local unit.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.11 per cent to 97.08.

Meanwhile, brent crude, the global oil benchmark, was trading higher at USD 65.01 per barrel, up by 0.68 per cent.

Benchmark equity indices reeled under selling pressure for the seventh straight session Friday. The 30-share BSE Sensex declined 67.27 points, or 0.19 per cent, to end at 35,808.95. The broader NSE Nifty settled at 10,724.40, down by 21.65 points, or 0.20 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2515 and for rupee/euro at 80.4168. The reference rate for rupee/British pound was fixed at 91.2261 and for rupee/100 Japanese yen at 64.55.

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Indian cities among top 5 fastest growing office rental markets globally?

Ali Azar

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One of the world’s biggest real estate consultants – Knight Frank, has just released their Global Outlook 2019 report, which evaluates 33 cities across the globe and gives an insight on expected office rental growth for 2019 among other things.

Leading the pack for growth of prime office rental markets in the world are Australian heavyweights Melbourne and Sydney, with growth in office rentals expected to touch 10.1% and 8.6% in 2019 on the back of tight supply due to employment growth and relatively low levels of real estate development in recent years.

Indian cities took up two out of top five spots for the fastest growing office markets globally. Bengaluru and New Delhi have emerged among the top five in the world taking up position 3 and 4 respectively, thereby beating Asian giants such as Hong Kong and Singapore as per the report by Knight Frank.

Bengaluru, which saw a prime rental value of ₹ 125 per square foot per month in 2018, is expected to see a growth in rents in the range of 6.6% in 2019, due to the buoyant Information Technology and Start-up sector and lack of quality Grade A space supply. Mirroring the same trend, New Delhi with prime rental values of ₹ 326 per square foot per month is expected to see a rise of approximately 6.5% in 2019 on the back of constricted fresh supply.

In comparison, Mumbai’s prime office rentals, which stands at around ₹ 300  per square foot per month will experience a subdued growth of just 0.3% in 2019 and features nowhere in the list. Rounding up the top 7 globally after Melbourne, Sydney, Bengaluru and New Delhi are Boston, Amsterdam and Berlin.

Across the globe, uncertainty surrounding trade tensions and political events has led to a pause in developments, thereby causing vacancy rates and driving rental growth up worldwide.

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Rupee gains 26 paise against US dollar in opening trade

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Mumbai | The rupee appreciated by another 26 paise to 70.44 against the US dollar in opening trade on Wednesday after retail inflation fell to a 19-month low of 2.05 percent in January.

The weakness in the dollar against some currencies overseas as investors shifted their focus to riskier asset amid the US-China trade truce hopes, also supported the rupee’s upmove.

Besides, retail inflation falling to a 19-month low of 2.05 percent in January over the previous month, and selling of the American currency by exporters supported the rupee, forex dealers said.

Industrial output growth remained subdued at 2.4 percent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector.

The rupee had gained 48 paise to end at a one-month high of 70.70 against the US dollar Tuesday, registering its sixth straight session of gain. In the last six trading sessions, the rupee has gained 110 paise. The benchmark BSE Sensex rose 184.68 points, or 0.51 percent, to trade at 36,338.30.

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