Gold Little Changed In Lackluster Trade

People Aren’t Buying Mike Pence’s Latest Comments About COVID-19 Victims

Vice President Mike Pence claimed Thursday “not a day has gone by that I haven’t thought personally about families that have lost loved ones” to COVID-19.

And critics weren’t buying it.

“I want to assure each of you that you will always be in our hearts and you will remain in our prayers,” Pence, who leads the White House coronavirus task force, told reporters during a briefing of said group.

The Republican National Committee shared a clip of Pence’s comments online:

Critics were incensed. They recalled President Donald Trump’s catastrophic mishandling of the pandemic that has been characterized by his administration’s propensity to allow the virus to run rampage nationwide while sending mixed messages on measures aimed at curbing its spread.

So far, the contagion has killed more than 250,000 Americans and is predicted to cause hundreds of thousands of more deaths by the end of the year.

“Pants on fire,” one person hit back at Pence on Twitter.

Added another: “Damn shame Pence hasn’t done one iota about the pandemic…”

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Gold inches up by ₹ 65; silver jumps ₹ 298

Gold prices on Friday inched up by ₹ 65 to ₹ 49,551 per 10 grams in the national capital reflecting gains in the international rates, according to HDFC Securities.

The gold prices had closed at ₹ 49,486 per 10 grams in the previous trade.

Silver prices also jumped ₹ 298 to ₹ 61,232 per kg, compared with the previous close of ₹ 60,934 per kg.

“Spot gold prices for 24 carat gold at Delhi were trading up by ₹ 65 reflecting overnight gains made in international gold prices limiting upside on rupee appreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

An appreciation in the rupee against the US dollar limited the gains in gold prices. The spot rupee was trading around 10 paise stronger versus the dollar during the day, he added.

In the international market, the gold prices were trading marginally higher at USD 1,868 an ounce and silver was up at USD 24.15 an ounce.

On the outlook, Reliance Securities Senior Research Analyst Sriram Iyer said: “We see some more consolidation to correction for gold prices due to the strength of the US dollar. However, we feel that this is a buying opportunity.”

He added that the medium-to-long-term outlook is bullish, as to emerge from the pandemic-induced crisis, the US and Europe could launch fresh stimulus to support their economies.

Sensex jumps 282 points, Nifty ends above 12,850

Bajaj Finserv was the top gainer in the Sensex pack

Equity benchmark Sensex surged 282 points on Friday, tracking gains in HDFC Bank, Kotak Bank and Bajaj Finance amid positive cues from global markets and sustained foreign fund inflows.

After a highly volatile session, the 30-share BSE index ended 282.29 points or 0.65% higher at 43,882.25.

Similarly, the broader NSE Nifty rose 87.35 points or 0.68% to 12,859.05.

Bajaj Finserv was the top gainer in the Sensex pack, rallying over 9%, followed by Titan, Bajaj Finance, Kotak Bank, Bharti Airtel, Nestle India and NTPC.

On the other hand, Reliance Industries, IndusInd Bank, Sun Pharma, Axis Bank, ONGC and HUL were among the laggards.

“The BSE Sensex is closing higher by about 1% in this Diwali week,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

“With the end of the earnings season, focus will shift back to economic recovery and market valuations,” he said, adding that risk to the markets is from a resurgence of COVID-19 infections in India.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red.

Stock exchanges in Europe were trading on a positive note in early deals.

Brent crude futures, the global oil benchmark, rose 0.41% to USD 44.38 per barrel.

Meanwhile, foreign institutional investors remained net buyers in the capital market as they purchased shares worth ₹ 1,180.61 crore on Thursday, according to provisional exchange data.

Hibbett Sports Q3 Results Beat Estimates – Quick Facts

Hibbett Sports Inc. (HIBB), an athletic-inspired fashion retailer, reported that its net income for its third quarter ended October 31, 2020 surged to $25.3 million or $1.47 per share, from $2.3 million or $0.13 per share in the previous year.

On an adjusted basis, net income for the quarter was $24.9 million or $1.45 per share, compared to $5.8 million or $0.32 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the third-quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter increased 20.3% to $331.4 million from last year’s $275.5 million, reflecting continued strength in omni-channel adoption, improved new customer retention, market disruption, and availability of in-demand product. Analysts expected revenues of $286.42 million for the quarter.

Comparable sales increased 21.2%. Brick and mortar comparable sales increased 17.5%. E-commerce sales grew by 50.7% and represented 13.2% of total net sales for the third quarter compared to 10.5% in the prior year third quarter.

Looking ahead for the fourth quarter of fiscal 2021, the company expects earnings per share to be in the range of $1.00 to $1.10. Analysts project fourth-quarter earnings of $0.60 per share for the fourth-quarter.

The company expects comparable sales increases in the high-single digits to low-double digits.

Gold Little Changed In Lackluster Trade

Gold traded flat to slightly higher on Friday, but was on track for a weekly loss in the wake of promising Covid-19 vaccine trials and news of the U.S. Treasury ending emergency loan programs.

Spot gold edged up 0.1 percent to $1,867.70 per ounce but was on track for a loss of about 1 percent for the week. U.S. gold futures were up 0.2 percent at $1,866.10.

Data from AstraZeneca and Oxford University showed their potential Covid-19 vaccine produced a strong immune response in older adults. Researchers expect to release late-stage trial results by Christmas.

Treasury yields rose and the dollar edged higher after a rare show of discard between U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell over releasing funds to further shore up the economy.

The U.S. Treasury Department has asked the Federal Reserve to return unspent money allocated under the CARES Act to Congress, prompting criticism from the central bank and adding to market anxiety about broader economic growth.

The Fed responded to the decision in a rare public statement, saying it would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for the still-strained and vulnerable economy.

People familiar with the decision say that either Mnuchin or a new Treasury secretary from the Biden administration may decide to renew emergency loan programs.