Gold Holds Steady In Cautious Trade

Gold prices were little changed in cautious trade on Tuesday as investors await Iran’s next move in response to the U.S. killing of Qassem Soleimani, commander of the Quds Force of Iran’s Islamic Revolution Guards Corps.

The Iranian response could come in “many different guises, many different places at any time,” said Gerald Feierstein, former U.S. ambassador to Yemen.

Markets are reacting to conflicting reports about American military repositioning troops in preparation for leaving Iraq.

There was some confusion earlier in the day after a letter surfaced showing that U.S.-led coalition troops would leave Iraq. The Pentagon later clarified that it was a mistake and “there has been no decision whatsoever to leave.”

Spot gold traded flat at $1,565.62 per ounce, after having touched $1,582.59, its highest level since April 2013 in the previous session. U.S. gold futures were down 0.1 percent at $1,567.35.

Goldman Sachs is overhauling its businesses to be more in line with Wall Street peers

Goldman Sachs just wants to fit in.

The New York-based firm announced it is reorganizing itsbusinesses to more closely resemble its Wall Street peers and give its nascent retail banking operations its own category, according to a filing early Tuesday.

Goldman is now calling its four main segments global markets, investment banking, asset management and consumer & wealth management. Previously, the divisions were called institutional client services, investment banking, investment management, and investing and lending. 

The move comes ahead of its fourth-quarter earnings report next week as well as its first-ever investor day later this month.

Iran says death toll in funeral stampede reaches 40: Fars

DUBAI (Reuters) – Iran said on Tuesday a stampede among mourners during the funeral ceremony for slain commander Qassem Soleimani has reached 40, the semi-official Fars news agency reported, citing an emergency services official.

“So far 40 people were killed and 213 others were wounded in the incident,” the official told Fars.

Stampede during Iranian commander's funeral kills 32: Fars report

DUBAI (Reuters) – A stampede during the funeral of a top Iranian commander in his hometown has killed at least 32 and injured about 190 people, the semi-official Fars news agency reported on Tuesday, citing the head of Iran’s emergency medical services, Pirhossein Kolivand.

Huge crowds of people have attended mourning ceremonies for Soleimani in a handful of cities across Iran.

State set to sell €3bn in bonds this week

The government is expected to raise €3bn in a bond sale this week, according to people familiar with the plans.

The issue with a 15-year tenor will be priced later this week, the National Treasury Management Agency said in a statement.

The NTMA is frequently one of the first government issuers to hit the market and last year it sold a €4bn bond on January 9.

Ireland plans to issue €10bn-€14bn of bonds this year.

EU, Italy, Britain, France, Germany to discuss Libya in Brussels on Tuesday

BRUSSELS (Reuters) – The European Union’s top diplomat and the foreign ministers of Britain, France, Germany and Italy will meet on Tuesday afternoon in Brussels to discuss Libya, an EU spokesman said.

Separately, Britain, France and Germany may discuss their position on the Iran nuclear deal before a meeting of all EU foreign ministers on Friday, the spokesman said.

Ireland mandates banks to manage new 15-year benchmark govt bond – lead manager

LONDON, Jan 7 (Reuters) – Ireland will launch a new 15-year benchmark government bond via a syndicate of banks in the near future, a lead manager said on Tuesday.

The sovereign has mandated Davy, Deutsche Bank, J.P. Morgan, Morgan Stanley, NatWest Markets and Nomura as joint lead managers for the forthcoming 15-year bond sale, the lead manager said in a document seen by Reuters.

The transaction is expected to be launched and priced in the near future subject to market conditions, the document said. (Reporting by Dhara Ranasinghe; Editing by Olga Cotaga)

Gold prices fall ₹420 on stronger rupee

Gold prices corrected by ₹420 to ₹41,210 per 10 gram; silver prices plummeted by ₹830 to ₹48,600 per kg

Gold prices corrected by ₹420 to ₹41,210 per 10 gram in the national capital on January 7 amid a stronger rupee and profit-booking in international market for precious metal, according to HDFC Securities.

Silver prices also plummeted by ₹830 to ₹48,600 per kg from ₹49,430 per kg on January 6.

Gold hit its all-time high level on January 6 and later closed at ₹41,630 per 10 gram.

HDFC Securities Head – Advisory (PCG) Devarsh Vakil said, “Stronger rupee and profit-booking in international gold prices affected the domestic rates. Traders are optimistic about better demand after January 15 as marriage season and festive demand starts.”

The rupee appreciated by 22 paise to 71.71 against the U.S. dollar in early trade on January 7.

In the international market, gold was trading lower at $1,568 per ounce, while silver was also quoting down at $18.19 per ounce.

“Near term focus will remain on the U.S.-Iran tensions and U.S.-China trade deal. Any uncertain outcome will lead to higher bullion prices,” Mr. Vakil added.

SC to hear on January 10 Tata Sons’ plea challenging NCLAT decision restoring Mistry as chairman

The apex court website showed the plea is to be listed before a three-judge Bench comprising Chief Justice S.A. Bobde and Justices B.R. Gavai and Surya Kant

The Supreme Court will hear on January 10 the petition by Tata Sons Private Ltd. (TSPL) challenging the NCLAT decision restoring Cyrus Mistry as executive chairman of the Tata group.

Also read | Significant reversal: On NCLAT decision on Mistry

The apex court website on Tuesday showed the plea is to be listed before a three-judge Bench comprising Chief Justice S.A. Bobde and Justices B.R. Gavai and Surya Kant.

TSPL has challenged the December 18 decision of the National Company Law Appellate Tribunal (NCLAT) that gave a big relief to Cyrus Investment Pvt. Ltd. and Mr. Mistry, restoring him as the executive chairman of TSPL, and ruling that the appointment of N. Chandrasekaran as the head of the holding company of the $110 billion salt-to-software conglomerate was illegal.