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Finally Diwali? Gold and silver prices drop, check latest rates here

Gold, Silver prices: If you are planning to buy gold or silver then this is the right time to move ahead to the showrooms without wasting any time.

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gold-and-silver

Looks like Diwali is finally here. The gold and silver prices saw a steep decline of 0.37 per cent or Rs 178 ahead of the festival. According to the multi-commodity Exchange (MCX), gold futures that were due for December 3 delivery was last seen at Rs 47,330 in a comparison with the previous close of Rs 47,622. 

If you are planning to buy gold or silver then this is the right time to move ahead to the showrooms without wasting any time. 

During the last trading session, gold had closed at Rs 45,576 per 10 grams in the Delhi bullion market. Apart from this, silver had closed at Rs 59,340 per kg. People consider Dhanteras as an auspicious day to buy gold, silver, utensils etc. On Wednesday, Nov. 3, 2021, the price of gold dropped 0.23 per cent and the price of silver went down to 0.03 per cent. 

Like the Indian bullion markets, there was a fall in the price of gold in the international market today, while there was no significant change in the price of silver. 

What are the new gold prices?

In the Delhi bullion market, on the first trading day of the week i.e. on Monday, a slight fall of Rs 37 per 10 grams was recorded in the price of gold. In the national capital, gold of 99.9 grams purity today closed at Rs 45,539 per 10 grams. Gold prices fell in the international market today and reached $1,753 an ounce. 

What are the new silver prices? 

Silver prices also saw a declining trend today. In the Delhi bullion market, the price of silver remained above Rs 59,000 even after a decrease of Rs 137 on Monday. Today silver closed at Rs 59,203 per kg. 

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At the same time, there was no significant change in the price of silver in the international market today and it reached $22.42 an ounce. 

Why did the gold prices go down? 

HDFC Securities Senior Analyst (Commodities) Tapan Patel said that the spot price of gold on the commodity exchange is trading at $ 1,753 an ounce and trading down at 0.44 per cent. Due to this, there was a slight impact on the sentiment of gold and the prices of gold fell.

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Adani crash won’t affect investor confidence, Indian markets well regulated: Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on Friday assured that India’s markets were “well regulated” and she does not expect the rout Adani Group’s shares to adversely affect confidence of potential investors.

Adani Group has endured over $120 billion in market losses- nearly half of the conglomerate’s estimated value—since the damning report released by US short-seller Hindenburg Research last week.

Sitharaman told the media that India remained a “very well-regulated financial market” and “an absolutely well governed” nation. She said the public sector financial institutions had released detailed statements showing they had limited exposure to Adani Group and would not be significantly affected by its downward spiral.

Sitharaman dismissed the narrative that Adani Group’s plunging shares would have a negative effect on Indian markets in general and pointed out that one instance, however much talked about across the globe, is not an indication of how well Indian financial markets are governed.

She maintained that “investor confidence which existed before shall continue even now.”

Hindenburg Research published a report last week, accusing the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.

The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law, adding that it has always made the necessary regulatory disclosures.

Hindenburg Research hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”

In a response titled “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg Research accused the Adani Group of holding back India’s progress by draping itself in the Indian flag while systematically looting the nation.

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Adani-Hindenburg row: PIL in Supreme Court seeks action against US short-seller for defrauding investors

A Public Interest Litigation (PIL) was filed, Friday, in the Supreme Court seeking probe against US-based short seller Hindenburg Research whose scathing report led to rout in Adani Group shares since last week.

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Adani-Hindenburg row

A Public Interest Litigation (PIL) was filed, Friday, in the Supreme Court seeking probe against US-based short seller Hindenburg Research whose scathing report led to rout in Adani Group shares since last week.

The PIL, filed by Advocate Manohar Lal Sharma seeks action against Hindenburg Research and its founder Nathan Anderson for “defrauding innocent investors” of the Adani Group and sought compensation for the said investors.

In the petition, Advocate Sharma has asked the top court to issue directions to the Central government for launching an investigation against the short-seller and its founder in India and outside, and prosecute them for forgery under section 420 of the Indian Penal Code (IPC) read with section 15HA of the SEBI Act.

A penalty of up to Rs 25 crores or thrice the amounts of profits made by indulging in fraudulent and unfair trade practices relating to securities, is provided under the aforementioned act.

The PIL has alleged that Hindenburg Research exploited “innocent investors via short selling under the garb of artificial crashing”. The petition has asked the Supreme Court to declare short selling an offence of fraud and urged the court to issue directions to recover their turnover of short selling with a penalty to “compensate investors in the interest of justice”.

Meanwhile, Adani Group’s woes continue to mount as the National Stock Exchange (NSE), Thursday, put Adani Ports, Adani Enterprises, and Ambuja Cements under additional surveillance measure (ASM) framework from February 3 (Friday). This will require 100 precent margin to trade in their shares and will likely curb short selling.

Adani Group has endured over $100 billion in market losses till Thursday, creating panic about the potential systemic impact this would have over the market in general. On Wednesday, the group called off its Follow-On Public Offering (FPO) returned money to its investors.

Hindenburg Research published a report last week, accusing the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.

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The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law, adding that it has always made the necessary regulatory disclosures.

Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”

In a response titled “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg Research accused the Adani Group of holding back India’s progress by draping itself in the Indian flag while systematically looting the nation.

Hindenburg said it believes that India is a vibrant democracy and an emerging superpower with an exciting future. However, the research group alleged that the country’s future was being held back by the Adani Group, “which has draped itself in the Indian flag while systematically looting the nation.”

Hindenburg stressed that it’s a firm believer in the fact that fraud is fraud even when perpetuated by one of the wealthiest individuals globally.

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Hindenburg effect: NSE puts 3 Adani firms under surveillance

The Adani Group’s woes continue to mount as the National Stock Exchange (NSE), Thursday, put Adani Ports, Adani Enterprises, and Ambuja Cements under additional surveillance measure (ASM) framework from February 3 (Friday).

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Adani Group

The Adani Group’s woes continue to mount as the National Stock Exchange (NSE), Thursday, put Adani Ports, Adani Enterprises, and Ambuja Cements under additional surveillance measure (ASM) framework from February 3 (Friday). This will require 100 precent margin to trade in their shares and will likely curb short selling

The NSE explained the measure on its official website, stating that “Additional Surveillance Measures (ASM) on securities with surveillance concerns based on objective parameters viz. Price / Volume variation, Volatility etc.”

The stock exchange elaborated that the applicable rate of margin shall be 50 percent or existing margin, whichever is higher, subject to maximum rate of margin capped at 100 percent w.e.f. February 6, 2023 on all open positions as on February 3 and new positions created from February 6.

It said that stocks under surveillance shall be retained in Stage-I as applicable for a minimum period of 5 trading days and shall be eligible for review from 6th trading day onwards.

The NSE’s move comes after the conglomerate’s shares continued to nosedive due to the fallout of the damning report by US short seller Hindenburg Research last week.

Adani Group has endured over $100 billion in market losses till Thursday, creating panic about the potential systemic impact this would have over the market in general. On Wednesday, the group called off its Follow-On Public Offering (FPO) returned money to its investors.

Read Also: 348 mobile phones seized in raids across Delhi jails during 2.5 months: Authorities

The NSE explained that if derivative contracts in securities end up in the ban list, if they cross 95 percent of the market-wide position limit.

The NSE directed that that all clients/members shall trade in the derivative contracts of the said security only to decrease their positions through offsetting positions, warning that any increase in open positions shall attract appropriate penal and disciplinary action.

The market-wide position limit, set by stock exchanges, is the maximum number of outstanding open positions (buy and sell) in the F&O contracts of a security. If the open interest in a stock crosses 95 percent of the market-wide position limit, its F&O contracts enter the ban period.

During the ban, traders are not allowed to take fresh positions in stocks but can start reducing their positions. The ban rule helps reduce speculation in stocks and curb short selling.

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