Gold prices remain near record high, silver rates surge
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Gold prices today remained steady in India near record highs while silver rates continued to surge. On MCX, August gold contracts were today trading higher at ₹35,094, after hitting a new high of ₹35,145 last week. The October gold contracts were near ₹35,600. The September silver contracts on MCX zoomed 0.72% to ₹40,467 per kg, reflecting a surge in global prices. In global markets, gold prices had hit a two-week high of $1,428 an ounce on Wednesday, after weaker-than-expected US housing data increased prospects for an interest rate cut by the Federal Reserve.
Though the US Fed is widely expected to lower interest rates by 25 basis points at its policy meeting at the end of the month, some analysts are even betting on a 50 basis point cut. Lower interest rate boosts the appeal of non-interest yielding assets like gold.
Apart from Middle East tension, gold prices have also got a boost amid market nervousness over when will US-China face-to-face talks resume. Earlier this week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods.
Analysts say gold faces a key resistance level at around $1,430.
Indicative of bullish sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.48% to 803.18 tonnes on Wednesday from 799.37 tonnes on Tuesday.
Among other precious metals, silver today climbed 0.8% to $16.10 per ounce in global markets, its highest since February 20, and on track for a fifth consecutive session of gains. Platinum rose 0.9% to $850.20 per ounce, while palladium gained 0.3% to $1,541.70.
Mirroring the strong global trend, silver prices in Delhi on Wednesday surged ₹660 to ₹40,190 per kg while gold prices remained near ₹35,500 per 10 gram, according to All India Sarafa Association.
Ray Dalio, one of the most influential figures in the world of finance, thinks gold will benefit from the new market paradigm and has suggested adding gold to one's portfolio.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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