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News18
3 hours ago
- News18
Taurus Horoscope Today, August 10, 2025
Last Updated: Taurus Daily Horoscope, August 10, 2025: Watch your finances closely today. Avoid risky property or business deals. Stay steady and focused — long-term gains will follow. Taurus Daily Horoscope Today, 10 August 2025: Ganesha says today will be a day of financial loss for the people of the Taurus zodiac sign. You will need to save today and manage your expenses. You will need to pay attention to your business as you may lose profits with your business colleagues. You will need to be cautious about deals related to your property. There may also be a reduction in your sources of income. You will succeed in keeping your close ones connected. Shared benefits will improve, professional matters will advance, and contracts will see more activity. Lucky Colour: Green Lucky Number: 7 (The author Chirag Daruwalla is the son of Astrologer Bejan Daruwalla). About the Author Chirag Daruwalla First Published: News astrology Taurus Horoscope Today, August 10, 2025 Latest News Taurus Horoscope Today, August 10, 2025 Astrology Astrology Aries Horoscope Today, August 10, 2025 Astrology Numerology, August 10, 2025: Love For 1, Wealth For 6 – What's In Store For You? Astrology Horoscope Today, August 10, 2025: Leo's Focus, Gemini's Spark And More Insights Agency feeds Bangkok-bound train derails in Thailands Prachuap Khiri Khan, nine injured latest news
Time of India
3 hours ago
- Time of India
Gold prices surge as tariffs threaten jobs, exports in Gujarat
Ahmedabad: With gold prices touching an unprecedented Rs 1,04,300 per 10g in Ahmedabad on Saturday and silver climbing to Rs 1.15 lakh per kg, anxiety is mounting among jewellers and bullion traders. The surge, driven by safe-haven demand amid global geopolitical tensions, comes at a time when India's jewellery exporters face the added blow of higher tariffs from the United States — their largest market. "The situation is grim as gold prices went up internationally due to safe-haven demand. As a consequence, the sale of bullion slowed sharply, and jewellery demand is even weaker. If this continues, it will inevitably lead to major unemployment in the sector. Festive season sales are expected to take a hit," said Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA). Gold imports into Gujarat plunged 70% year-on-year to just 8.4 metric tonnes (MT) between April and July 2025, according to Ahmedabad Air Cargo Complex data. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad The Gem & Jewellery Export Promotion Council (GJEPC) estimates India's gold jewellery exports to the US at $2.81 billion in 2023-24, about 29% of total gems and jewellery exports to that market. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The recent US announcement of a sweeping 50% tariff on all Indian goods triggered alarm in the industry. "The US is our single largest market, accounting for over $10 billion in exports — nearly 30% of our global trade. A tariff of this magnitude could bring the industry to a standstill, threatening every part of the value chain from small artisans to large manufacturers," said Kirit Bhansali, GJEPC chairman. About 85% of exports from SEEPZ SEZ, which employs 50,000 people, are US-bound, and half of India's cut and polished diamonds are shipped to the US. "Competing hubs like Turkey, Vietnam, and Thailand enjoy tariffs of 15–20%, making Indian goods less competitive. We appeal to the govt for immediate relief and policy support," Bhansali added. Industry insiders warn that the combination of record-high prices and shrinking overseas orders is forcing small and mid-sized jewellers to scale back operations. "Orders for 22-carat jewellery plunged. We had a customer buy a gold and diamond ring — the diamond cost Rs 30,000, the gold barely 4.3g — yet the total was over Rs 80,000 plus taxes," said Hemant Choksi, member of the Shree Manek Chowk Choksi Mahajan. "Indian jewellers risk losing competitiveness to foreign counterparts, and working capital is shrinking at an alarming pace," he added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
Time of India
13 hours ago
- Time of India
A global market based on gold bars shudders on tariff threat
A US ruling initially suggested gold imports would face tariffs, triggering market chaos and record price volatility. The potential tariffs threatened the complex global gold trading system, disrupting flows between key hubs and impacting futures markets. The administration is expected to clarify the situation, aiming to calm the turmoil caused by the unexpected announcement. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment's notice in pursuit of the highest prices. On Friday, a shock US ruling suggesting that the metal would be subject to tariffs plunged that system into apparent decision by the US Customs and Border Protection agency — announced privately in a letter to a Swiss refiner on July 31 and made public Friday — sent gold futures in New York soaring to a record, as insiders warned the tariffs would have dire consequences for the market. Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn't face tariffs after was the latest example of President Donald Trump's trade war triggering wild gyrations in markets, for equities, raw materials and finished products bullion is typically treated more as a financial instrument than a physical product, and slapping tariffs on it would have such profound consequences that many traders argued Friday the ruling had to be a mistake.'The problem was that the government didn't look outside of the question of the physical format and did not take into consideration that this widget was actually gold,' said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co. A complex and sometimes fragile system for making and moving gold bars underpins the global market for the metal, including the futures exchanges in New York and Shanghai as well as a huge over-the-counter market overseen by London banks. Key consumer hubs in Mumbai, Dubai and Hong Kong rely on it as is more than $1.1 trillion in gold bars stored in vaults to underpin trading in New York and London alone, with much of it stored by major dealers including JPMorgan and HSBC Holdings in Switzerland play a crucial role in facilitating the flow of gold between London and New York. A trade group representing them said Friday that the apparent tariffs would render any future US shipments unviable. Asian refineries put a temporary halt on US-bound sales. At the epicenter of the turmoil in New York, observers warned that tariffs would pose a major threat to the gold futures market itself.'The disbelief isn't just that several billion dollars have been made and lost overnight,' said Ross Norman, a four-decade veteran of the industry who now runs Metals Daily, a pricing and analysis website. 'The problem is we're not in a good position when things become disrupted. When things blow out, you get lots of injuries.'The dysfunction was immediately reflected in the spread between prices on CME Group Inc.'s Comex exchange in New York and the global benchmark price set in London. New York futures hit a new high above $3,530 an ounce on Friday, while the London market was more than $100 was a record gap, but the 3% spread would be nowhere close to covering the apparent cost of import levies, which would differ from country to country under Trump's reciprocal tariff if New York prices rise sufficiently, the large-format bars that are traded in London are melted down in Switzerland and recast as smaller, 1-kilogram (2.2 pound) bars that are deliverable on Comex. But with Switzerland facing a 39% reciprocal tariff, Comex prices would have needed to rise to about $4,700 an ounce for the shipments to become plug the gap, US buyers might have been able to turn to other key suppliers, including Canada and Mexico. But Trump has threatened stiff tariffs on those countries, gold miners, independent refineries survive on razor-thin margins. The Swiss trade group warned Friday that shutting them out of such a significant market would have adverse consequences for the global gold hope — similarly held among the investors, traders, banks, and logistics firms blindsided by the US ruling — was that the White House would step back from the brink. It may do just that: The administration intends to post an executive order clarifying what it called misinformation about the gold tariffs , according to an official.'From day to day, we learn more about new rules that could dramatically change the landscape of each commodity,' said Darwei Kung, head of commodities and portfolio manager at DWS Group. 'Perhaps more change will result from the negotiation in the days to come.'
