Gold Steady, on Track for First Monthly loss in Three

Gold prices held steady early on Friday just above the previous session's six-week low, supported by a weaker dollar, but remained on course for their biggest monthly fall this year.

FUNDAMENTALS

* Spot gold was nearly unchanged at $1,286.86 per ounce at 0044 GMT, on track for a monthly drop of about 2.7 percent. That would mark its largest monthly decline so far in 2017 and the first such fall in three months.

*The metal was also on track for a third straight weekly decline, although it looks set to end the quarter up around 3.7 percent.

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*U.S. gold futures for December delivery edged up 0.1 percent to $1,289.80 per ounce.

*The dollar slipped against a basket of currencies on Thursday, snapping a three-day winning streak, as investors looked to take profits on the greenback's rally this week ahead of the end of the quarter. [USD/]

*Stocks globally rose modestly as investors digested U.S. economic data and the prospects for a U.S. tax reform plan proposed by President Donald Trump. [MKTS/GLOB]

*The U.S. economy expanded a bit faster than previously estimated in the second quarter, recording its quickest rate of growth in more than two years, but the momentum likely slowed in the third quarter due to the impact of Hurricanes Harvey and Irma.

* The White House struggled on Thursday to defend its new tax plan against criticism that it would help the rich at the expense of lower classes, as Republicans in Congress prepared to move ahead with actual legislation.

Indian Oil Corp Creating Artificial scarcity of LPG cylinders: Manipur Minister

Manipur's Consumer Affairs and Public Distribution Minister Karam Shyam on Thursday accused Indian Oil Corporation of creating an artificial scarcity of LPG cylinders in the state.

"The government has initiated steps to monitor the functionings of the IOC in this regard," he said, noting that while the monthly allotment of LPG cylinders to Manipur is 5,000 metric tonnes, the IOC has been bringing just 2,000 metric tonnes.

The northeastern state has 3,60,413 consumers and 88 distributors. Consumers have been complaining that they get hardly two cylinders in a year, and Shyam admitted that consumers are forced to buy cylinders on the blackmarket at Rs 1,800 each or more.

Officials said that those who cannot afford this exorbitant prices are using firewood and charcoal.

Stressing that the consumer subsidy is also lost, Shyam said: "This is unacceptable and the government shall not remain silent."

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Will GDP Growth at 3-year low be Enough for RBI to Cut Rates?

Four weeks since official data showed the shocking deceleration in gross domestic product (GDP) in the first quarter of fiscal year 2018, demands for a rate cut haven’t been as vociferous as one would expect.

Bond yields have risen, stock indices have slipped and the rupee has depreciated. Of course, a lot of it was due to the US Federal Reserve’s indication that it would begin its unwinding in October. But most economists are not confident of a second rate reduction in a row by the Reserve Bank of India (RBI) after the rate cut in August.

The key reasons are that inflation has rebounded sharply as was forecast by the central bank in August. Oil prices globally are on the rise, the monsoon rainfall hasn’t lived up to the temporal distribution crucial for a good agricultural output and the government could overshoot its fiscal deficit target of 3.2%.

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However, all of this was anticipated by RBI when it slashed its repo rate by 25 basis points to 6% in August. A basis point is one-hundredth of a percentage point.

For the central bank, it is an “I told you so” moment.

But an even more important development has been the surge in imports at a time when manufacturing growth is tepid in the country, as a Mint article on Thursday says.

What this means is that domestic supply chains have been disrupted and imports are driving whatever little growth manufacturers have shown. Any stimulus, monetary or fiscal, during such times would willy-nilly leak towards more imports. No policymaker would want that. With this, indeed, all conducive factors for a rate cut seem to have evaporated.

Rajiv Sabharwal to become Tata Capital`s new CEO and MD

Financial services provider Tata Capital on Thursday announced the appointment of banking industry veteran Rajiv Sabharwal as its CEO and Managing Director-designate.

According to the company, Sabharwal will join Tata Capital from January 2018 and would take over from the firm's current Managing Director and CEO Praveen P. Kadle.

Subsequently, Kadle will assume other responsibilities in the Tata Group effective from April 1, 2018.

Sabharwal is currently a partner at True North Managers LLP, formerly India Value Fund Advisors.

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Nissan Motor India launches Pre-owned car Business

Nissan Motor India on Thursday launched its pre-owned car business -- Nissan Intelligent Choice -- in India.

According to the company, the newly launched pre-owned car business is designed for customers looking for quality tested and certified pre-owned cars with optimum value.

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"Nissan Intelligent Choice also offers a platform for customers owning multi-brand cars to exchange it with a new Nissan and Datsun car," the company said in a statement.

Commenting on the new initiative, Satinder Singh Bajwa, Director for Sales, Network, CQ (Customer Quality) and POC (Pre-Owned Car), Nissan Motor India said: "Pre-owned car market in India is growing at an exponential rate. And, we see a huge potential in this emerging business."

"Nissan Intelligent Choice is our global business model for pre-owned cars and after its success in Brazil and South Africa, we are excited to introduce it in India," Bajwa was quoted as saying in the statement.

Bank of Baroda cuts Base Rate by 0.15% to 9.15% from Oct 1

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Bank of Baroda said it has cut the base rate by 0.35 per cent to 9.15 per cent with effect from October 1, reported PTI. The bank has revised base rate and BPLR, Bank of Baroda said in a regulatory filing. 

The base rate, minimum rate below which a bank cannot lend, has been revised downward from existing 9.50 per cent per annum to 9.15 per cent per annum from October 1, 2017, the bank said.

The benchmark prime lending rate (BPLR), the method which charges interest on credit worthiness of customers, has also been cut to 13.45 per cent per annum from next month. The BPLR is 13.80 per cent per annum currently.

Market Live: Nifty Starts Oct Series above 9800, Sensex Gains 100 pts

Equity benchmarks started off October series on a positive note, with the Nifty reclaiming 9800 level.

The 30-share BSE Sensex was up 97.09 points at 31,379.57 and the 50-share NSE Nifty gained 39.30 points at 9,808.25.

GAIL surged 6 percent after Petroleum & Natural Gas Regulatory Board Of India has floated consultation paper w.r.t unified tariff for company’s pipelines Rs 57 per mmbtu.

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Rupee Opens Marginally Higher Against US Dollar

The rupee on Wednesday strengthened marginally against US dollar in the opening trade.

The home currency opened at 65.38 a dollar. At 9.15am, the rupee was trading at 65.36 a dollar, up 0.14% from its Tuesday’s close of 65.45.

The 10-year bond yield was at 6.67%, compared to its previous close of 6.669%. Bond yields and prices move in opposite directions. The benchmark Sensex index rose 0.31% or 97.57 points to 31,697.33. So far this year, it has risen over 19.89%.

So far this year, the rupee has gained 4.4%, while foreign institutional investors have bought $6.39 billion and $20.36 billion in equity and debt, respectively.

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