Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Global markets at a glance

The S&P 500 and the Dow industrials registered record closing highs on Tuesday with a boost from bank stocks as investors eyed a potential cut in US corporate taxes and continued economic growth after strong inflation data.US producer prices rose in November as gasoline prices surged and the cost of other goods increased, leading to the largest annual gain in nearly six years.The data, which came a day ahead of US Federal Reserve's widely-expected hike in interest rates could assuage concerns among some Fed officials over persistently low inflation.

MACRO NEW

The Nifty50 futures on the Singapore Stock Exchange were trading 6 points lower at 10340 indicating a flat opening for the domestic market.
India’s retail inflation likely breached the central bank’s 4.0 percent medium-term target in November after unseasonably heavy rains sent food prices soaring, a Reuters poll showed.
Finance Minister Arun Jaitley has held a meeting with top economists and members of the Prime Minister's Economic Advisory Council (PMEAC), who advised him to consider levying long-term capital gains tax on stocks, reports CNBC TV-18.

STOCKS IN NEWS

Syndicate Bank opens QIP with floor price of Rs 88.5/ share
Century Textiles grants right to Grasim India to manage, use and control VFY business for a duration of 15 years for royalty of Rs 600 crore.

COMMODITY ROUNDUP

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange fell 0.06% to $1,246.10 a troy ounce.Overnight, gold prices remained under pressure on Monday despite weakness in the dollar as data showed money managers slashed their bullish bets on the precious metal to a 17-week low ahead of a widely expected Federal Reserve interest rate hike.

TRADING STRATEGY:
BUY GOLD FEB ABOVE 28160 TARGET ( 28179-28190)-28230-28340 WITH SL 28030.
SELL LEAD BELOW 162.25 TARGET 161.85-161.35-159.80 WITH SL 164.25.
SELL ZINC BELOW 202.80 TARGET 202.40-202-200.40 WITH SL 204.80.

CURRENCY MARKET UPDATE

The dollar remained moderately lower against other major currencies on Tuesday, as investors were focused on the Federal Reserve's upcoming policy meeting, scheduled to begin later in the day.The Fed is widely expected to raise interest rates at its two -day policy meeting that will end on Wednesday and is
currently seen tightening two to three times next year, but concerns over tepid inflation could alter the outlook for 2018.

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