
Auto sector seeks government action on China rare earth magnet imports
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The automobile industry has sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars.As per the industry sources, various domestic suppliers have already sought approval from the Chinese government through their local vendors in China.However, no approvals have been granted so far, sources said. China controls over 90 per cent of global processing capacity for the magnets, used across multiple sectors including automobiles, home appliances and clean energy.The Chinese government has put restrictions, with effect from April 4, mandating special export licences for seven rare earth elements and related magnets.

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Time of India
20 minutes ago
- Time of India
Gold Rate Today: Yellow metal rises to Rs 97,200/10g as US-China trade uncertainty boosts demand
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First Post
37 minutes ago
- First Post
New rule for Chinese bureaucrats: No booze, cigarettes or gourmet meals in official meetings
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Economic Times
39 minutes ago
- Economic Times
Gold Rate Today: Yellow metal rises to Rs 97,200/10g as US-China trade uncertainty boosts demand
Gold prices rose on Wednesday amid lingering uncertainty over the finalisation of a U.S.-China trade agreement, prompting safe-haven buying ahead of key U.S. inflation data. ADVERTISEMENT At 10:50 am, August gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 97,208 per 10 grams, up Rs 306 from the previous close. In contrast, July silver futures edged down by Rs 28 or 0.03% to Rs 1,06,721 per kg. In the global market, spot gold gained 0.5% to $3,339.60 an ounce (as of 0350 GMT), while U.S. gold futures also rose 0.5% to $3,361.20. U.S. and Chinese officials said on Tuesday they had agreed on a framework to revive their trade truce and lift China's export restrictions on rare earths. However, there was little indication of a long-term resolution to the trade dispute. After two days of talks in London, U.S. Commerce Secretary Howard Lutnick said the framework would be presented to President Donald Trump for approval, with the Chinese delegation also seeking a nod from President Xi Jinping. "Gold prices remain volatile as investors await a clearer resolution from the ongoing US-China trade negotiations taking place in London. A favorable outcome of the US-China trade talks is likely to drive gold prices down. Attention is also turning to inflation data set to be released over the next three days in both India and the UK. Additionally, Thursday's auction of long-term Treasury bonds may offer further guidance on price movements," said Aksha Kamboj, VP, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures. ADVERTISEMENT The two countries had previously imposed tit-for-tat tariffs in April, escalating trade tensions. Talks in Geneva last month led to a rollback of some tariffs from triple-digit the World Bank lowered its global growth forecast for 2025 by 0.4 percentage points to 2.3%, citing trade tensions and uncertainty as major headwinds. ADVERTISEMENT Investors are now awaiting the U.S. consumer price index (CPI) report, due at 1230 GMT, for more clarity on the Federal Reserve's policy outlook. Most economists expect the Fed to hold interest rates steady for the next couple of months, with inflation risks still in spot silver was unchanged at $36.56 per ounce, platinum also steadied at $1,222.14, while palladium was up 0.6% to $1,066.19. ADVERTISEMENT "Gold has support at $3300-3275 while resistance is at $3345-3360. Silver has support at $36.20-35.90 while resistance is at $36.75-36.95. In INR, gold has support at Rs96,620-96,290 while resistance at Rs97,350-97,640. Silver has support at Rs105,859-105,050 while resistance is at Rs1,07,750-1,08,650," said Rahul Kalantri, VP Commodities, Mehta Read: Swiggy, Radico Khaitan among 7 stocks on which brokerages initiated coverage, see up to 34% upside ADVERTISEMENT Gold rates in physical markets today DelhiStandard gold (22-carat) prices in Delhi stand at Rs 58,304/8 grams while pure gold (24-carat) prices stand at Rs 62,232/8 grams. Mumbai Standard gold (22-carat) prices in Mumbai stand at Rs 57,144/8 grams while pure gold (24-carat) prices stand at Rs 60,880/8 grams. Chennai Standard gold (22-carat) prices in Chennai stand at Rs 56,832/8 grams while pure gold (24-carat) prices stand at Rs 60,584/8 grams. Hyderabad Standard gold (22-carat) prices in Hyderabad stand at Rs 56,944/8 grams while pure gold (24-carat) prices stand at Rs 60,704/8 Read: JSW Steel, Aurobindo Pharma among 6 large & midcap firms with promoter pledge decline in Q4 (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)