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After hitting a nearly one-month low in the previous session, spot gold increased 3.7% to $4,837.16 per ounce. US gold futures increased 4.5% to $4,859.30 per ounce for April delivery. Last Thursday, January 29, gold reached a record high of $5,594.82 per ounce before prices fell by around 13% over the course of two days due to a quick correction.

GIFTNIFTY EXTENDS GAINS, CROSSES 1,100 POINTS ON INDIA-U.S. TRADE DEAL OPTIMISM, TEXTILE STOCKS IN FOCUS

On Tuesday, February 3, Indian textile stocks—including Gokaldas Exports Ltd., Welspun Living Ltd., KPR Mill Ltd., and Indo Count Industries Ltd.—that were most negatively impacted by US President Donald Trump’s imposition of a 50% tariff on Indian exports will be the focus.

This is because late on Monday night, Trump and Prime Minister Modi announced on their respective social media platforms that India and the US had reached a trade agreement.

GIFT Nifty, an early predictor of how Indian shares are likely to start trading, has jumped about 800 points after the US and India agreed to negotiate a trade deal, under which the reciprocal tariff on India, which stood at 25%, will be cut down to 18%.

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The India-US trade deal triggered a massive spike in the GIFT Nifty, which is an early indicator of how markets are likely to start off.

After the deal announcement, the GIFT Nifty ticks on the NSE website showed an upmove of as high as 800 points at one point of time.

The implied open figures will be out shortly.

The deal was first announced by US President Donald Trump on his Truth Social, before PM Modi posted about it on his Social Media handle on “X.”

The deal also removes a major overhang on the Indian markets, also a major reason behind the underperformance last year compared to other major global peers.

Boy! What a night it has been! Just a few hours earlier. India and the US announced a historic trade deal after months and multiple rounds of negotiations.

The deal will result in US tariffs on Indian exports being dropped to 18% from 50% immediately.

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