&w=3840&q=100)
Gold price climbs ₹10 to ₹1,02,230; silver rises ₹100, trading at ₹1,15,100
The price of 22-carat gold also increased by ₹10, with ten grams of the yellow metal selling at ₹93,710.
The price of ten grams of 24-carat gold in Mumbai, Kolkata, and Chennai stood at ₹1,02,230.
In Delhi, the price of ten grams of 24-carat gold stood at ₹1,02,380.
In Mumbai, the price of ten grams of 22-carat gold is in line with that of Kolkata, Bengaluru, Chennai, and Hyderabad at ₹93,710.
The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹1,15,100.
The price of one kilogram of silver in Chennai stood at ₹1,25,100.
US gold prices Gold prices extended gains for a fifth straight session on Wednesday, helped by prospects of lower US interest rates, while investors looked forward to President Donald Trump's decision on Federal Reserve appointments.
Spot gold was up 0.1 per cent at $3,383.67 per ounce as of 0036 GMT, after hitting a near two-week high on Tuesday. US gold futures also gained 0.1 per cent to $3,439.20.
Spot silver eased 0.1 per cent to $37.78 per ounce, platinum slipped 0.4 per cent to $1,314.95 and palladium fell 0.2 per cent to $1,172.39.
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Hindustan Times
10 minutes ago
- Hindustan Times
IMEC offers hope as Trump tariffs threaten Indian markets
Two distinctly different yet related events took place on August 5-6, 2025, with regards to India. On the one hand, US President Donald Trump initially announced a tariff of 25% on Indian goods being exported to the US and then added another 25% the next day as a 'punishment' to India for supporting Russia in its war against Ukraine by buying cheap crude oil. Concurrently, the first official meeting of the eight signatory countries of the India-Middle East-Europe-Economic Corridor (IMEC) was held in Delhi, hosted by the National Security Council Secretariat. Along with the other country representatives, the US was represented by Ricky Gill, who is the special assistant to the US President for national security affairs and the US National Security Council's senior director for South and Central Asia. The aim of the meeting was to find a way to kickstart the long delayed economic corridor, the IMEC. Donald Trump (Bloomberg File Photo) What does IMEC aim to achieve—for a start, closer integration of the three regions (India, West Asia and Europe) through trade and better connectivity. With Trump hitting India hard with tariffs, there were some speculation that the American delegation may not travel to India, but that did not happen and the delegation participated in the talks, the first of its kind since the announcement of IMEC on the sidelines of India's G20 Summit in Delhi in September 2023. IMEC is one of the most transformative and ambitious projects announced with regards to economic integration and trade connectivity. In its concept, it is a bold vision to connect India with Europe across the deserts of the Arabian Peninsula. It envisions a multi-modal economic corridor involving multiple businesses, integrating railways, ports, highways, energy networks, and digital infrastructure to enhance trade, investment, and connectivity across the continents. The Memorandum of Understanding (MoU) on the project was signed by India, the US, Saudi Arabia, UAE, France, Germany, Italy, and the European Union (EU). The proposed structure of the IMEC has three distinct sections. The eastern section links India with West Asia via sea links, the central section is the overland route across the West Asian region, culminating at the port of Haifa on the Mediterranean coast in Israel. The western leg of the corridor is sea-bound, where the containers have to be put back on ships in Haifa, to be transported to various ports in Europe. The success of IMEC depends upon developing a seamless connectivity network of ports, ships and rails. A digitally connected, uniform and fully integrated customs and regulatory framework is the backbone for success of such a project. In addition to transporting containers, IMEC also plans to include infrastructure for electricity transmission, digital connectivity, as well as pipelines for clean hydrogen export. When implemented in full, it promises to unlock new opportunities of multi-dimensional trade through multi-modal transport linkages across regions that have traditionally been close trade partners. It has the potential to facilitate faster and more efficient movement of goods, bypassing existing bottlenecks, reducing shipping delays, lowering greenhouse gas emissions, and cutting costs. There is even talk of developing a southern leg in the IMEC later, which would then link up with key connectivity corridors in Africa to facilitate two-way trade with Africa too For India, in particular, IMEC represents a strategic vision beyond physical infrastructure and is an instrument for building a more connected, resilient, and inclusive global order. For India, it aligns with its Act East and Link West policies and reinforces its role as a bridge between regions, enhancing both economic engagement and geopolitical influence. As India charts its course towards becoming a developed nation and a $30 trillion economy by 2047, infrastructure corridors such as IMEC are vital drivers. Considering China's current dominance in global manufacturing, which is at 30% versus India's 3% share, India has a lot of ground to cover. For India to become the 'factory of the world,' industrial corridors would need to be scaled up, manufacturing capacity boosted, and these hubs must be linked through strategic infrastructure like IMEC. In terms of trade between the Europe and India, IMEC can be an economic game changer and an opportunity to strengthen strategic partnerships. The president of the European Commission, Ursula von der Leyen, during her visit to India in March 2025, had pitched for the IMEC as an important cornerstone for enhancing India-EU trade. Earlier, the French President had described IMEC as a 'fabulous catalyst' for concrete projects and investments while pitching Marseille port as one of the entry points for IMEC during PM Modi's visit to France in February 2025 for the Global AI Summit. The enthusiasm comes from the fact that the EU is India's largest trading partner, accounting for €124 billion worth of trade in goods in 2023 or 12.2% of total Indian trade, surpassing the US (10.8%) and China (10.5%). The EU is also the second-largest destination for Indian exports (17.5% of the total) after the US (17.6%). On the other hand, however, India is the EU's 9th largest trading partner, accounting for 2.2% of the EU's total trade in goods in 2023, well behind the US (16.7%), China (14.6%), or the UK (10.1%). Within this overall trade figures, trade in goods between the EU and India has increased by almost 90% in the last decade, whereas the trade in services between the EU and India reached €50.8 billion in 2023, up from €30.4 billion in 2020. With this considerable volume of trade, the EU and India are looking for ways to enhance the trade potential further. Both sides are also negotiating an ambitious FTA (free trade agreement) which promises to increase trade beyond € 200 billion. One key issue that could help reach the agreement on FTA is a faster, more secure, and cheaper transit route, which the IMEC promises. One of IMEC's most unique dimensions is its integration of green hydrogen into the corridor's architecture. The ability to transport green hydrogen across borders offers a major breakthrough for the global clean energy transition. India's twin objectives—energy independence by 2047 and net-zero emissions by 2070—are closely tied to the successful deployment of renewable energy technologies. Green hydrogen emerges as a transformative energy carrier within this shift, offering long-duration energy storage, a replacement for fossil fuels in hard-to-abate industrial sectors, and clean mobility solutions. Indian companies have taken huge strides in developing infrastructure for producing green hydrogen. Europe is looking at reliable markets to offer green fuel as they strive to achieve net zero emissions. IMEC offers India a unique opportunity to position itself as a global hub for green hydrogen. India has committed $2.5 billion toward building a robust green hydrogen ecosystem, with companies like Adani Group, Larsen & Toubro, and ReNew Energy Global leading infrastructure and technology deployment. India has also emerged as the leader in producing and promoting solar energy. It is closely linked to India's call for establishing One Sun, One World, One Grid (OSOWOG) initiative which envisions a globally interconnected solar grid, enabling real-time cross-border energy sharing. This model benefits India by reducing dependence on costly storage systems while maximising the efficiency of renewable generation. This too presents a unique opportunity for India to deepen its economic integration with the region as also deepen climate preservation, promote energy interdependence, and generate industrial and financial synergies. Also, the combination of a faster route using IMEC for perishable, fast moving and costly goods while keeping the option of Suez Route running for bulk products like crude oil can become a win-win strategy for all stakeholders. When overlapped with the economic benefits of transporting green hydrogen, solar energy, high speed internet etc, IMEC can be a game changer in years to come. Trump tariffs may have presented a challenge for India but it is also an opportunity to seek diversified and reliable partnerships. Europe too, which is reeling from tariff threats from the US and had to submit to its tariff demands, is looking at India as a reliable partner. Other signatories of IMEC, along with some potential additions like Egypt, Oman, Israel, Jordan, Cyprus and Greece already have close strategic ties with India. IMEC offers the perfect link for a faster, secure and more efficient between India and these countries. The fact that the project brings together economically strong, politically influential, and ideologically compatible countries, offering India a vital opportunity to cement its presence and deepen its influence in the region, is an added advantage. The lessons from recent global shocks—including the Covid pandemic, the Russia-Ukraine war, Gaza War and the tariff war under the Trump administration highlight the urgent need for and secure connectivity options and resilient supply chains. IMEC offers a critical response to these disruptions by providing an alternative and reliable trade route. With the right mix of infrastructure investment, diplomatic engagement, and institutional coordination, IMEC can become a cornerstone of 21st-century connectivity, linking continents and creating new avenues for shared prosperity. For India specifically, IMEC offers the perfect opportunity to look beyond the US tariff war, to explore all necessary steps to safeguard its national interests and economic security. This article is authored by Rajeev Agarwal (retd), senior research consultant, CRF, Chintan Research Foundation, New Delhi.
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First Post
10 minutes ago
- First Post
Who is Stephen Miran, Trump's short-term Fed pick?
US President Trump has appointed economist Stephen Miran to the Federal Reserve Board for a short-term role lasting until January 2026. A staunch advocate of tariffs and rate cuts, Miran's nomination could influence future monetary policy as Trump looks to reshape the Fed's direction — especially with Fed chair Jerome Powell's term set to expire in May 2026 read more Stephen Miran, chairman of the Council of Economic Advisors, walks at the White House, June 17, 2025, in Washington, DC, US. File Image/AP United States President Donald Trump has named economist Stephen Miran to the Federal Reserve Board of Governors. The Thursday appointment fills a seat left vacant by the resignation of Governor Adriana Kugler, a holdover from the Biden administration. Though temporary — lasting until January 31, 2026 — Miran's placement is the first step by Trump in reshaping the institution that has long operated with considerable independence from partisan politics. The announcement highlights Trump's ambition to influence monetary policy in his second term and arrives at a time when the president has voiced repeated frustration with the current direction of the Federal Reserve. STORY CONTINUES BELOW THIS AD His criticisms have been most pointedly aimed at Fed Chair Jerome Powell, whose cautious stance on interest rate adjustments has drawn the ire of a White House keen on stimulating growth ahead of the 2026 fiscal year. Who is Stephen Miran? Stephen Ira Miran, born in 1984, currently chairs the Council of Economic Advisers, a post to which he was confirmed by the US Senate in March following a party-line vote. All 53 Republicans supported his nomination, while 46 Democrats and independents opposed it; one Democratic senator, Tammy Duckworth of Illinois, did not vote. Miran's advisory role within the Trump administration reflects the trust the US president has placed in him across both terms. Prior to his current position, Miran worked as a senior strategist at Hudson Bay Capital Management and co-founded the asset management firm Amberwave Partners. His academic credentials include a doctorate in economics from Harvard University, and he has been associated with the conservative-leaning Manhattan Institute as an adjunct fellow. Miran is no stranger to the federal government. He served as an economic policy advisor in the Department of the Treasury during the Trump administration's first term, working under then-US Treasury Secretary Steven Mnuchin. His influence on Trump's first-term economic agenda — particularly on trade and tariffs — earned him a reputation as a key architect of protectionist strategies, especially regarding efforts to rebalance trade through tariff enforcement. What could Stephen Miran's role include? Although Miran's term as a Federal Reserve Governor is only for the remainder of Kugler's original tenure, which expires at the end of January next year, the implications of this appointment are significant. Members of the Federal Reserve Board vote on interest rate decisions, financial regulations, and other policies that impact not only the domestic economy but global financial markets. STORY CONTINUES BELOW THIS AD Miran's appointment signals a distinct philosophical shift from Kugler, who generally aligned with Powell's view that rate hikes or pauses should be calibrated carefully in response to evolving economic conditions. She had maintained that the impact of Trump's tariff policies warranted careful scrutiny before any changes to the benchmark interest rate were considered. Miran, by contrast, has expressed unwavering support for Trump's tax reduction initiatives and import tariffs. He believes that the combination of these measures will be sufficient to generate robust economic growth, thereby addressing fiscal deficits. He has also dismissed concerns that the administration's trade restrictions would lead to a sustained increase in consumer prices. While many of the central bank's officials remain cautious about inflationary risks associated with widespread tariff implementation, Miran's inclusion on the board introduces another voice likely to support monetary easing. The Federal Reserve's latest policy decision left the benchmark rate unchanged at 4.3 per cent, a level that has held steady following three consecutive rate cuts late last year. STORY CONTINUES BELOW THIS AD Yet, the decision was not unanimous; Fed Governors Christopher Waller and Michelle Bowman dissented, both having been appointed during Trump's first term and both favouring additional easing. What is Trump's strategy behind the move? The White House has made clear that it intends to appoint officials to the Fed who are more amenable to lower interest rates. According to Trump, reducing rates is essential not only to stimulate consumer borrowing and housing activity but also to manage the cost of servicing the national debt, which now stands at $36 trillion. Although the Fed does not directly control long-term lending rates such as those attached to mortgages or auto loans, its benchmark rates influence overall market sentiment and liquidity. Trump's outspoken discontent with Powell is well-documented. Last week, he went so far as to label the chair 'a stubborn MORON' on social media after Powell chose not to endorse additional rate cuts. US President Donald Trump announces Jerome Powell as his nominee to become chairman of the US Federal Reserve in the Rose Garden of the White House in Washington, US, November 2, 2017. File Image/Reuters The US president has claimed that his own economic instincts — especially on inflation and trade — have proven correct in the past and will again be validated. Miran echoed this confidence in a televised interview following the release of the July employment figures. STORY CONTINUES BELOW THIS AD 'What we're seeing now in real time is a repetition once again of this pattern where the president will end up having been proven right,' Miran said on MSNBC. 'And the Fed will, with a lag and probably quite too late, eventually catch up to the president's view.' What was the market response to Miran's appointment? Some analysts remain cautiously optimistic that the Fed's institutional safeguards will prevent overt politicisation of monetary policy. Raisah Rasid, a global market strategist at JP Morgan Asset Management, weighed in from Singapore, telling Reuters, 'We still maintain that central bank independence is going to be very much intact.' She stated that decision-making will remain data-dependent and based on macroeconomic fundamentals, even as political rhetoric heats up. Market reactions to Miran's appointment were relatively subdued. On Friday, the dollar remained steady but registered a 0.6 per cent decline for the week against a basket of major currencies. The dollar index stood at 98.1 by day's end. Investors continue to focus on upcoming data releases, particularly July's core consumer price index (CPI), which is expected to show a monthly increase of 0.3 per cent. The results will be critical in determining whether tariff-related price pressures are beginning to materialise. STORY CONTINUES BELOW THIS AD Despite uncertainty surrounding monetary policy, some of the dollar's decline has been attributed to investor unease over Trump's erratic trade positions and broader macroeconomic signals. The dollar has fallen 9.5 per cent so far in 2025, prompting many investors to seek alternatives. Rasid summarised the prevailing sentiment, stating, 'We're looking for a bending but not breaking sort of scenario (on the dollar).' What does this mean for the future of the Fed? The question of who will lead the Federal Reserve after Powell's term ends in May 2026 remains open. Powell, though stepping down as chair, could continue to serve as a member of the Board of Governors until January 2028. This complicates Trump's ability to quickly install a replacement. However, several potential successors are being closely watched. Christopher Waller, who has already served on the board and supported recent rate cut proposals, has been identified by observers as a leading candidate. Another possibility is Kevin Warsh, a former Fed governor and vocal critic of Powell, or Kevin Hassett, a senior Trump economic advisor. One route Trump could take is to nominate one of these individuals to assume the seat Miran now occupies after January 2026. Alternatively, he could advance Waller or another existing board member to the chairmanship, especially if Miran's short-term presence serves as a placeholder while a more permanent nominee is vetted. STORY CONTINUES BELOW THIS AD Marco Casiraghi, a senior economist at Evercore ISI, offered insight into the interim nature of Miran's appointment. He noted that the White House may have opted for a short-term appointment in order to keep options open for naming the next Fed chair. 'The choice of Miran could be a positive sign for Waller,' Casiraghi told AP, adding that a more strategic nomination may be forthcoming. Will Miran help further Trump's agenda? Miran has long argued in favour of using tariffs not only as a trade-balancing mechanism but also as a tool to induce trading partners to accept changes in currency valuation. In a November 2024 publication titled A User's Guide to Restructuring the Global Trading System, Miran examined how trade tools, including tariffs, could be utilised to reduce the US trade deficit and bring about realignment in currency markets. Some analysts have speculated that his ideas are driving policy in Trump's second term, culminating in a framework dubbed the 'Mar-a-Lago Accord.' This proposal alludes to the 1985 Plaza Accord, in which major economies agreed to devalue the US dollar to reduce imbalances. Miran has criticised conventional economic thinking on trade protectionism, arguing that many tariff models fail to account for persistent trade deficits. STORY CONTINUES BELOW THIS AD He has labelled the broad academic consensus against tariffs as misguided, suggesting that alternative frameworks should guide trade policy decisions. He has also expressed support for revamping the Federal Reserve's governance structure. In a March 2024 paper co-authored with Dan Katz, now a senior Treasury official, Miran recommended making it easier for presidents to remove sitting Fed board members. 'The Fed's current governance has facilitated groupthink that has led to significant monetary-policy errors,' the paper stated. With inputs from agencies
India.com
10 minutes ago
- India.com
Rs 1027260000000: If India stops importing crude oil from Russia, it will face massive losses due to...,SBI report says Russian oil is...
India-Russia relations- File image New Delhi: In a significant development amid the imposition of increasing tariffs and penalties on India by the US led by President Donald Trump, India's largest bank, the State Bank of India (SBI) has indicated in its report that India's crude oil import bill could increase by USD 9 billion to USD 12 billion, if the country stops buying Russian crude oil. Here are all the details you need to know about how much oil Russia is exporting to India and what has the SBI said on the loss if India stops importing oil from Russia. What happens if India stops oil imports from Russia? As reported by news agency ANI, SBI stated 'if India stopped oil imports from Russia during the rest of FY26, then India's fuel bill might increase by only USD 9 billion'. The report noted that if India halted oil imports from Russia for the rest of FY26, the fuel bill might increase by USD 9 billion in FY26 and USD 11.7 billion (Rs 1027260000000 in INR) in FY27 due to increase in prices. How much oil is India importing from Russia? India substantially increased purchasing of Russian oil since 2022, which was sold at a discount, capped at USD 60 per barrel, to ensure energy security after Western nations imposed sanctions on Moscow and avoided its supplies following the invasion of Ukraine. The ANI report also says that Russia currently accounts for 10 per cent of the global crude supply. If all countries stopped buying from Russia, crude oil prices could rise by around 10 per cent, provided no other countries increase their production. How Russia-Ukraine war impacted oil import from Russia? As a result, Russia's share in India's total oil imports surged from just 1.7 per cent in FY20 to 35.1 per cent in FY25, making Russia India's largest oil supplier. In volume terms, India imported 88 million metric tonnes (MMT) of crude from Russia in FY25, out of its total oil imports of 245 MMT. Before the Ukraine war, Iraq was India's top crude supplier, followed by Saudi Arabia and the United Arab Emirates (UAE). (With inputs from agencies)
