Gold climbs Rs 330 to Rs 98,930/10 g amid strong global cues
Live Events
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Gold prices climbed Rs 330 to Rs 98,930 per 10 grams in the national capital on Monday following a firm trend in the global markets, according to the All India Sarafa Association.The yellow metal of 99.9 per cent purity had closed at Rs 98,600 per 10 grams on Friday.Gold of 99.5 per cent purity appreciated by Rs 300 to Rs 98,400 per 10 grams (inclusive of all taxes). It had settled at Rs 98,100 per 10 grams in the previous market session.Additionally, silver prices rose by Rs 100 to Rs 1,00,100 per kg (inclusive of all taxes) on Monday.On the global front, spot gold jumped USD 59.21 per ounce or 1.80 per cent to USD 3,348.61 per ounce."Gold prices rise amid growing uncertainty after President Donald Trump announced plans to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent, effective the day after tomorrow," Abans Financial Services ' Chief Executive Officer Chintan Mehta said.On the geopolitical front, escalating geopolitical tensions between Russia-Ukraine and conflicts in the Middle East also lifted the gold prices, Mehta added.HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said investors will be monitoring the US May ISM Manufacturing Purchasing Managers & Index (PMI) report, which is scheduled to be released later in the day.According to commodities market experts, traders will also be awaiting the commentary by US Federal Reserve Chair Jerome Powell.The commentary by the Fed Chair Powell will play a key role in the future monetary policy outlook and will influence the price dynamics and determine the next leg of a directional move for the bullion prices, they said. PTI
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
42 minutes ago
- Economic Times
Fresh triggers could take Nifty to 25,300–25,500: Analysts
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Time of India
an hour ago
- Time of India
'Quick commerce ops not hurting beauty biz, its aiding personal care'
As Blinkit, Zepto, and Instamart expand aggressively into beauty and personal care, Nykaa is taking a slower, more curated approach. Its pilot, Nykaa Now, is live in select areas of Mumbai, New Delhi, and Bengaluru, with a deliberate focus on personal care rather than its core beauty range. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads As vertical ecommerce players gear up to fight the quick commerce battle, Nykaa is taking a cautious approach toward the segment. After piloting quick-commerce platform Nykaa Now in select pin codes across Mumbai, Delhi and Bengaluru last year, the beauty and fashion etailer says its core beauty category isn't designed for 10-minute deliveries and much of the traction is coming from personal care products "Nearly 80% of what we sell is beauty and 20% is personal care. Personal care is what's really picking up on quick commerce," said Adwaita Nayar, cofounder of Nykaa and executive director and CEO of Nykaa Fashion. "Our beauty business' gross merchandise value (GMV) has grown at 30% year-on-year for the last four quarters. So I don't think we're seeing an impact of quick commerce. It's hard to know what growth would have looked like without it, but we're where we expected to be."Beauty is a discovery and inspiration-led category, where there is a lot of width and depth that needs to be serviced. The nature of quick commerce doesn't typically support that kind of assortment, Nayar told ET in an clarified that the Nykaa Now list is curated separately with a focus on personal care and gifting rather than mirroring its primary ecommerce catalogue. The cautious tone contrasts with how horizontal quick commerce platforms like Blinkit, Swiggy 's Instamart, and Zepto have aggressively expanded into newer categories such as electronics and fashion and beauty products. These companies have said beauty and personal care is fastest growing on their with the bigger players like Myntra, several vertical quick commerce startups have emerged, backed by venture capital including the likes of Slikk and Blip in the fashion and apparel did acknowledge a broader shift in delivery expectations. "It's not about 10 minutes, but people's expectations for delivery speed globally is just going up," she as discretionary spending slows in parts of India's consumer internet market, Nykaa's beauty business continues to grow at a healthy pace, Nayar said. FSN E-Commerce , Nykaa's parent company, posted a net profit of Rs 19 crore, almost double that reported in the year earlier. Operating revenue rose 23.6% year-on-year to Rs 2,016.7 crore, led by gains in beauty and personal care."We are aware of the broader slowdown. We benchmark ourselves against a lot of these companies and understand what their growth rates look like. But so far, Nykaa hasn't seen a similar impact," Nayar said."Based on our estimates, the online beauty and personal care market grew in the low 20s, while we grew in the high 20s."In contrast, the fashion vertical, which Nayar has led over the last few years, is growing at a slower pace, though it has outpaced overall industry growth at 12% year-on-year GMV growth in FY25."Actually, if you compare the net sales value (of beauty and fashion) it is a more apples-to-apples metric. The split is 75:25 in GMV terms and 80:20 in NSV."Her goal is not to make fashion bigger than beauty, but to build a strong and profitable business with a clearly defined said Nykaa Fashion's positioning remains distinct from fast-fashion players like Shein, which has re-entered India through Reliance Industries
Time of India
an hour ago
- Time of India
Karnataka's new IT policy to be finalised around July: Priyank Kharge
Live Events Karnataka's new information technology policy may be finalised around July, state IT minister Priyank Kharge told will succeed the 2020-2025 policy, which focused on IT-enabled services and is due to expire this State IT Vision Group comprising IT companies, chambers of commerce and think tanks is working on the new policy, which, once completed at the secretariat level, will reach the ministerial level.'The policy is currently a draft. The old policy will lapse this year. We're hopeful that the drafting of the new policy will happen before the CEO meet in July that we traditionally hold once a year. It is going through the IT Vision Group and larger consultations. Once it is finished at the secretariat level, it will come to me,' Kharge told last consultation on the matter was held among IT secretary Ekroop Caur, industry body Nasscom and others on May 23. They discussed strategies to reskill Karnataka's digital workforce, emphasised extending IT infrastructure beyond Bengaluru into tier-2 and tier-3 cities, and reviewed regulatory reforms to enhance ease of doing business in the state.'The IT policy will focus on creating new economic accelerators beyond Bengaluru. Infrastructure is a problem with any growing city and that was quite naturally raised by stakeholders,' the minister further said, 'The IT policy that had come out then (2020-2025) was with respect to IT-enabled services. Now it is going to be a light-house policy that leads to other policies. Once the feedback comes in, the budgetary outlay will be allocated. There are IT companies and think tanks that we consult.'Since technology has seeped into various sectors, the state has new policies on cybersecurity, engineering and research and development, global capability centres and data budget proposed setting up a Centre for Applied AI for Tech Solutions with an investment of Rs 50 crore over five years. A Rs 300 crore Fund-of-Funds has been established to support startups, along with a Rs 100 crore corpus for deep tech government is also expanding its startup ecosystem beyond Bengaluru, encouraging growth in Mysuru, Mangaluru, Hubbali-Dharwad and which was part of the consultation, said in a blog that the main points of discussion were identifying policy interventions to unlock emerging technologies' potential, strategies to reskill and future-proof Karnataka's digital workforce, extending IT infrastructure beyond Bengaluru and reviewing regulatory reforms to enhance ease of doing business in the was also a discussion at this meeting on the need for more structured and effective awareness of state's initiatives including the policy measures so that all sections of the IT industry, particularly SMEs can fully leverage the policies.
