Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust rose 0.4% to 1,087.66 tonnes on Wednesday – its highest since Feb. 26, 2021.
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Brent futures were up about $1.06, or 0.9%, to $122.66 a barrel and U.S. West Texas Intermediate futures were up about 79 cents, or 0.7%, to $115.68 a barrel at 0051 GMT. U.S. futures opened the session down slightly.
The verbal assurance that liquidity will be in abundance, which market pundits label ‘Open Mouth Operations’, a phrase borrowed from the central bank’s open market operations to influence market direction, has led to Indian yields rising just about 8 basis points since the Russia-Ukraine war began on February 22.
Senior secured bondholders are placed up in the hierarchy for recovery of dues if a company undergoes insolvency proceedings since the bonds are backed by collateral. Most Indian lenders are also secured creditors.
The allocation to commodities often tends to be minimal as investors tend to undermine its importance in a portfolio.
Bond markets extended their retreat as investors braced for the Federal Reserve to take an even more aggressive approach to taming inflation. Two-year Treasury yields are up 76 basis points (bps) in March and 10-year yields are up almost 60 bps to 2.4154%, the highest since 2019.
On Wednesday, gold futures on MCX for April delivery were trading at Rs 51,379 per 10 gram, down Rs 37 or 0.07 per cent. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, stood at 1,083.60 tonnes on Tuesday.
“The U.S. and Saudi Arabia are the two nations that can meaningfully offset the loss of Russia’s oil. Extra supply from either seems unlikely right now but we are in a highly unusual situation and that makes everything more fluid,” Commonwealth Bank analysts said in a note.
Spot gold was down 0.2% at $1,918.29 per ounce by 0130 GMT. U.S. gold futures also slipped 0.2% to $1,918.40.
Two sets of Nayara bonds were outstanding worth Rs 2,542 crore, according to Prime Database. Those were sold in December 2020 and August 2021, with five-year and three-year maturities, for Rs 257 crore and Rs 2,285 crore, respectively.
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