&w=3840&q=100)
Gold price dips ₹10 to ₹1,01,340, silver down ₹100, trading at ₹1,14,900
The price of 22-carat gold declined by ₹10, with ten grams of the yellow metal selling at ₹92,890.
The price of ten grams of 24-carat gold in Mumbai, Kolkata, and Chennai stood at ₹1,01,340.
In Delhi, the price of ten grams of 24-carat gold stood at ₹1,01,490.
In Mumbai, the price of ten grams of 22-carat gold is in line with that of Kolkata, Bengaluru, Chennai, and Hyderabad at ₹92,890.
The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹1,14,900.
The price of one kilogram of silver in Chennai stood at ₹1,24,900.
US gold rose for a third straight session on Thursday, helped by a weaker dollar and lower Treasury yields as traders raised bets for a US interest rate cut in September.
Spot gold was up 0.4 per cent at $3,368.99 per ounce, as of 0121 GMT. US gold futures for December delivery rose 0.3 per cent to $3,417.80.
Meanwhile, spot silver edged 0.2 per cent higher to $38.56 per ounce, platinum eased 0.1 per cent to $1,338.33 and palladium climbed 1.3 per cent to $1,136.70.
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Business Standard
27 minutes ago
- Business Standard
Nvidia's Trump tax of little worry to investors eyeing AI riches
By Ryan Vlastelica and Carmen Reinicke President Donald Trump's move to extract a 15% sales tax from Nvidia Corp. on certain semiconductors sold in China did nothing to damp investor enthusiasm for the world's most valuable company. A look at balance-sheet math goes a long way to explaining why. In the first quarter, Nvidia said it sold $5.5 billion in products to China, roughly 13% of its total. The chips exposed to the Trump tax accounted for about 80% of that, or just under $5 billion. That means the Santa Clara, California-based firm could send some $700 million per quarter to the Treasury — hardly chump change. But for a company that churns out $20 billion in profit a quarter and increases sales by a similar amount — a rate of growth it's sustained throughout the AI boom — paying the tax barely registers. 'I don't think it's that big of an issue,' said Larry Tentarelli, founder of Blue Chip Daily. 'If it was their overall revenue base, it would be a big problem. But because China is not the biggest proportion of their revenues, it's a speed bump.' Nvidia shares slipped Monday after the tax was disclosed, then rallied to a fresh record Tuesday in a broad market advance. The chipmaker's shares have nearly doubled since early April, pushing its market value past $4.4 trillion. Similarly, Advanced Micro Devices Inc., which agreed to the same tax, closed at the highest in more than a year on Wednesday, bringing year-to-date gains to 50%. Shares of both companies were slightly higher in early trading in New York on Thursday. Nvidia reports second quarter earnings on Aug. 27. Analysts expect it will report earnings growth of 44% on a 53% surge in revenue to $45.9 billion. That's not to say the clouds have completely lifted in China. Bloomberg News reported this week that Beijing has encouraged local firms to avoid using Nvidia's chips — a move that could limit sales. And worries abound that chipmakers will increasingly become ensnared in federal trade policy or that China could make a more formal recommendation to ban certain US chips altogether. 'It is a hard game to know how this will play out. I would almost consider the stocks absent this news,' said Michael Matousek, head trader at U.S. Global Investors Inc. 'If you already liked them, there's potential for upside from China, but there are risks this could change again.' None of that, though, seems to register among investors betting that red-hot demand for AI infrastructure will continue to burn. The trend has lifted shares of Nvidia from their April lows alongside Magnificent Seven peers deemed AI winners, including Meta Platforms Inc. and Microsoft Corp. The tax news is 'mostly empty calories,' Citigroup's Christopher Danely wrote in a note this week on AMD. 'We view this as not material given the low margins of these products, and these AI GPUs could be banned in China again.' At Bernstein, analyst Stacy Rasgon worries about the precedent the Trump tax sets. The arrangement 'might raise some money, but doesn't seem to address any strategic issues beyond a grab for dollars,' he wrote in a note published Aug. 11. Regardless, Nvidia shares will rise or fall on its ability to deliver sales of cutting-edge chips, most notably its Blackwell products. 'What's more important is the trajectory of Blackwell and whether or not Blackwell is going to meet or exceed expectations,' said Melissa Otto of Visible Alpha LLC. 'That's what the market has priced in. That's where we see the biggest uplift in demand and growth. And so that is ultimately what is going to drive the earnings expectations and valuation for the stock.' That major question, along with the trade uncertainty and Nvidia's rally do leave the shares exposed to profit-taking ahead of the Aug. 27 report. 'I'm not going to bet on whether this stays a positive,' said Alvin Nguyen, senior analyst at Forrester. 'There have been so many rapid changes, there's still so much uncertainty, and we need to see stability in trade.'
Time of India
3 hours ago
- Time of India
Alaska red flag for India as Trump heads out for Putin meeting
TOI correspondents from Washington: When elite Indian Air Force pilots, including the celebrated Squadron Leader Shivangi Singh, India's first female Rafale flyer, participated in US-led Red Flag exercises in Alaska at the Elmendorf and Eielson Air Force Bases (AFBs) a year ago, flying half way across the world with a panoply of India's air assets including Russian-made jets, little could anyone have imagined that Washington would be red-flagging New Delhi for buying oil for Moscow. Tired of too many ads? go ad free now But here we are: As US President Donald Trump headed out to the very same Elmendorf AFB to meet Russia's leader Vladimir Putin on Friday, Trump aides left little doubt that India would pay the price if Washington failed to bend Moscow to its whim. "If things don't go well, then sanctions or secondary tariffs (on India) could go up," Treasury Secretary Scott Bessent said in an interview to Bloomberg TV, setting the stage for New Delhi to be the fall guy, while providing an off-ramp for China, which buys more Russian oil than India does. Maintaining that he's 'not going to get ahead" of the mercurial President, who's "the best at creating leverage for himself," Bessent offered a remarkable insight into why western powers are reluctant to punish China: when he asked the leaders at the table at the recent G7 summit in Canada whether they were willing to put a 200 per cent secondary tariff on Beijing, "everybody wanted to see what kind of shoes they were wearing," a reference to China's manufacturing might that has the west in a stranglehold. Bessent's remarks came even as Trump tempered expectation from what will be the Putin's first visit to America in nearly a decade and the first domestic U.S.–Russia summit since 1988, saying it could just be a prelude to a tri-lateral meeting that will also bring in Ukraine's leader Voldymyr Zelansky within days. The US President will meet the Russian leader in one-on-one closed-door meeting kicks off at 11:30 am Alaska time, followed by a broader delegation session over a working breakfast at the Elmendorf AFB.
Time of India
3 hours ago
- Time of India
US stock market tumbles as PPI inflation hits 3-year high, crushing Dow, S&P, Nasdaq and Fed rate cut hopes
US stock market opened Thursday under pressure as hotter-than-expected wholesale inflation rattled investors, sending the Dow Jones Industrial Average, S&P 500, and Nasdaq lower. July's Producer Price Index (PPI) jumped 0.9% month-over-month, far above forecasts, signaling persistent price pressures. AI stock Coherent (COHR) plunged nearly 19% after disappointing second-quarter results, highlighting caution in growth-focused sectors. Amazon, Netflix, and UnitedHealth posted modest gains, while Nvidia and other tech giants slipped. Treasury yields remained steady, and oil prices edged slightly higher. Strong labor data with falling jobless claims added nuance, leaving investors navigating a mix of inflation worries, earnings volatility, and selective stock gains. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3BHK Transformation Possible for ₹4.5 Lakh? HomeLane Get Quote Undo Dow and S&P 500 retreat as inflation worries weigh The Dow Jones Industrial Average fell 0.4% in early trading, mirroring the S&P 500, which also declined 0.4%. The Nasdaq composite, heavy on technology, followed suit with a 0.4% drop. ALSO READ: PPI inflation shock rocks Wall Street and Trump — big Fed rate cut dreams go up in smoke Live Events The retreat came after the Labor Department reported the U.S. Producer Price Index (PPI) for July, revealing wholesale inflation rose 0.9% month-over-month, well above economists' expectations of 0.2%. Annually, the PPI surged 3.3% versus the forecasted 2.6%. Core PPI, which strips out food and energy, also jumped 0.9% month-over-month and 3.7% year-over-year, signaling persistent underlying inflation pressures. 'This PPI report suggests inflation is still running hotter than the Fed might like,' said Scott Lehtonen, market analyst at Investor's Business Daily. 'Investors are recalibrating expectations for future interest rate moves, even as the job market shows resilience.' Treasury yields and oil markets Bond markets reacted modestly to the PPI data. The 10-year Treasury yield held steady at 4.23%, suggesting investors are balancing inflation fears against ongoing economic strength. Oil prices, meanwhile, eked out a modest gain, with West Texas Intermediate futures trading just below $63 a barrel after two consecutive days of losses. Rising energy costs are contributing to broader inflation concerns, adding another layer of complexity for markets. Nasdaq-100 movers: Amazon and Netflix gain while Strategy and AppLovin slide On the Nasdaq-100, select tech giants bucked the broader market's downward trend. Amazon (AMZN) shares jumped 2% following strong momentum from recent gains, while Netflix (NFLX) rose 0.7%. Conversely, Strategy (MSTR), a Bitcoin-linked investment vehicle, dropped nearly 3%, and mobile advertising company AppLovin (APP) lost 2.8%. The mixed performance underscores how investors are rotating out of speculative and high-volatility names in the face of fresh inflation data. Dow movers: Amazon, Nvidia, and UnitedHealth lead early gains and losses Within the Dow Jones Industrial Average, Amazon, Nvidia (NVDA), and UnitedHealth Group (UNH) were notable early movers. Amazon (AMZN) gained 0.5%, extending its two-day rally. UnitedHealth (UNH) climbed 0.9%, eyeing a fifth consecutive session of gains. Nvidia (NVDA) slipped 0.6%, retreating slightly from this week's record highs as investors weigh valuation risks amid rising inflation. These moves illustrate the delicate balancing act between growth prospects and macroeconomic realities, especially as tech stocks remain sensitive to interest rate expectations. Coherent plunges on disappointing earnings Artificial intelligence company Coherent (COHR) emerged as one of the day's biggest losers. Shares collapsed 19% following the release of second-quarter earnings that fell short of analyst forecasts. While Coherent's revenues beat some internal targets, the company cited slowing demand in key segments and higher operational costs, sending a negative signal to AI investors. Analysts caution that this could signal a broader cooling in the AI hardware sector after months of rapid growth. Other notable earnings movers Several other companies reported earnings Thursday with mixed results: Advance Auto Parts (AAP) down 1.7% Birkenstock (BIRK) down 2% Cisco Systems (CSCO) down 1.4% Deere (DE) down 5% (JD) up modestly NetEase (NTES) down nearly 7% Tapestry (TPR) down 11% The losses reflect a cautious investor mood, especially toward discretionary and industrial sectors, as inflation data prompts fears of margin pressure and tighter consumer spending. Jobless claims fall, adding nuance to the economic picture Despite rising wholesale prices, the labor market showed unexpected resilience. Initial jobless claims fell to 224,000, below last week's 226,000 and well below economists' projection of 230,000. 'This is a clear signal that the U.S. job market remains tight,' Lehtonen added. 'Strong labor data combined with rising prices could complicate the Fed's decision-making, keeping investors alert to any signs of policy shifts.' Implications for investors Thursday's market action highlights several key takeaways: Inflation remains a market driver – Hot PPI readings are fueling concerns that the Federal Reserve may maintain tighter monetary conditions longer than expected. Growth stocks remain volatile – Companies like Coherent and other tech-linked stocks are highly sensitive to earnings misses amid broader economic uncertainty. Rotation into quality – Defensive sectors and dividend-paying stocks, including UnitedHealth, are attracting investors seeking stability. Macro context matters – Energy prices, bond yields, and job market trends are all feeding into a complex market narrative. For traders and long-term investors alike, these signals suggest a need for careful portfolio management, selective stock picking, and ongoing monitoring of inflation trends. Market snapshot as of Thursday morning Index / ETF Change Dow Jones Industrial Average –0.4% S&P 500 –0.4% Nasdaq Composite –0.4% Invesco QQQ Trust (QQQ) –0.4% SPDR S&P 500 ETF (SPY) –0.3% 10-year Treasury yield 4.23% WTI Oil ~$63 / barrel Hot inflation readings, mixed earnings, and resilient job data set a cautious tone for Wall Street. Investors are navigating a tricky environment where growth and value stocks respond differently to macroeconomic pressures. AI-focused companies, in particular, may face continued volatility as market expectations evolve. FAQs: Q1: Why did US stock market fall today? A1: US stock market fell as July PPI inflation came in much higher than expected. Q2: What caused Coherent stock plunge today? A2: Coherent stock plunge happened after weaker-than-expected Q2 earnings and slowing demand signals.
