Gold jumps Rs 850 to Rs 99,340/10 g; silver slips Rs 100
capital
on Thursday amid a rise in precious metal prices in the overseas markets, according to the All India Sarafa Association.
The yellow metal of 99.5 per cent purity climbed Rs 800 to Rs 98,800 per 10 grams (inclusive of all taxes).
However, silver prices went lower by Rs 100 to Rs 1,07,000 per kilogram (inclusive of all taxes) on Thursday.
The most traded gold contracts for August delivery bounced by Rs 1,585 to trade at Rs 98,289 per 10 grams. Subsequently, the contracts for October delivery rallied Rs 1,520 to Rs 99,214 per 10 grams on the Multi Commodity Exchange (MCX).
"Gold prices surged higher on Thursday as escalating US-Iran tensions reignited safe-haven demand and weaker-than-expected US inflation data bolstered bets of
interest rate
cuts from the Federal Reserve," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.
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Meanwhile, spot gold increased by
USD
15.74 per ounce or 0.47 per cent to USD 3,370.87 per ounce in the international markets.
"Gold is trading higher on renewed safe-haven demand spurred by US President
Donald Trump
's announcement that unilateral tariffs will be imposed within two weeks," Kaynat Chainwala, Kotak Securities' AVP-Commodity Research, said.
Globally, spot silver fell 0.54 per cent to trade at USD 36.05 per ounce.
According to HDFC Securities' Senior Analyst - Commodities, Saumil Gandhi, market participants will be awaiting US economic reports, which will include the release of the Producer Price
Index
and Weekly Initial Jobless Claims later in the day.
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United News of India
19 minutes ago
- United News of India
India-Russia trade has grown five-fold to $68 bn, but major trade imbalance needs addressing: EAM
Moscow/New Delhi, Aug 20 (UNI) External Affairs Minister S Jaishankar today said that while bilateral trade in goods between India and Russia has grown more than five-fold, from USD 13 billion in 2021 to USD 68 billion in 2024-25, the major trade imbalance accompanying the growth needs to be addressed. Speaking at the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), in Moscow, the EAM made some suggestions on how the two sides can improve their efficiency and deepen economic cooperation. The EAM remarked that the two sides are meeting in Moscow after 10 months since the last Session in November 2024 in New Delhi, which he said is perhaps the shortest interval between the two sessions that they have had. 'Over the last four years, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25 and it continues to grow. However, a major trade imbalance has accompanied the growth; it has increased from USD 6.6 billion to USD 58.9 billion which is about nine times. So we need to address that urgently,' he said. Outlining some of the salient features of the agenda, he said. 'Addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, effecting payment mechanisms smoothly, timely finalization and execution of the Programme of Economic Cooperation till 2030, the early conclusion of the India-Eurasian Economic Union FTA, whose terms of reference were finalised today, and regular interaction between the businesses of the two countries – these are among the key elements.' He said these will not only help to address the imbalance and grow the trade, but also hasten the timely achievement of their revised trade target of USD 100 billion by 2030. EAM Jaishankar said that they are meeting in the backdrop of a complex geopolitical situation, and both their leaders remain closely and regularly engaged, and provide 'wise and practical guidance to our Special and Privileged Strategic Partnership'. Among the suggestions he outlined were, that the various Working Groups and Sub Groups could take a more creative and innovative approach. He said the two sides could focus more on areas like the smoothness of settlements, of better logistics, of diversifying the trade basket, creating more joint ventures, moving on skilling and mobility. He suggested that the two sides should continuously diversify and expand their agenda through mutual consultation. 'This will help us to tap into full potential of our trade and investment ties. We should not get stuck on a beaten track. Doing more and doing differently should be our mantras.' He urged that they should set themselves some quantifiable targets and specific timelines so that they challenge themselves to achieve more. 'Each Working Group and each Sub Group could apply itself to setting of targets and see what we could achieve by the next session of the IRIGC-TEC.' He also suggested that they should have at least two inter-sessional meetings between the IRIGC Sessions, including a virtual midterm review with all the Co-Chairs like they did in 2023. He also suggested having a coordination mechanism between the Business Forum and the different Working Groups of the IRIGC, so that there is a two-way flow between people in the business world and people in the policy world. Addressing the Business Forum later, the EAM said that the two sides have 'concluded the Terms of Reference for the India-Eurasian Economic Union FTA. That will surely make a difference when concluded.' He said in a post on X: 'Co-chaired an extremely productive 26th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation IRIGC-TEC along with First DPM Denis Manturov of Russia today. 'We had detailed discussions on our cooperation in a wide-ranging arena including trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture. 'As we meet in the backdrop of a complex geopolitical situation, made the following suggestions to make the IRIGIC-TEC an even more efficient catalyst for deepening our economic cooperation: *Need for a creative and innovative approach. *Continuously diversify and expand our agenda through mutual consultations. *Set quantifiable targets and specific timelines so that we challenge ourselves to achieve more, perhaps even surpass what we set out to do. *Have at least two inter-sessional meetings between the IRIGC Sessions. And a virtual midterm review with all the Co-Chairs. Have a coordination mechanism between the Business Forum and the different Working Groups of the IRIGC-TEC, so that there is a two-way flow. 'As we prepare for the Annual Leaders Summit, confident that the outcomes of the IRIGC-TEC meeting today will further drive the time tested India-Russia partnership." UNI RN
Time of India
20 minutes ago
- Time of India
Fradusters cheat retired govt accountant out of Rs1.5cr in online share fraud
1 2 Pune: Online fraudsters cheated a retired central govt accountant out of Rs1.57 crore after promising him handsome returns on investment in online trade of shares. The retired official, an employee of Wadgaon Sheri, lodged a complaint with the Cyber police on Tuesday. According to the police, he received a message on his messaging application in March urging him to invest in stocks to generate handsome income. Senior inspector Swapnali Shinde of the cyber police said, "The suspects promised the victim over 20% profit in just a few months. The retired official read the message and decided to contact its sender. His number was then added to a group on the messaging application. He then contacted the group admin, who promised to help him in trading shares and generating profit." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune | Gold Rates Today in Pune | Silver Rates Today in Pune According to the FIR, the suspects sent him documents of their share trading firm on the messaging application. It had seals and stamps of the company. They even claimed that their firm was registered with the Sebi. The complainant, after getting the seals and stamps, trusted the group admin. "The suspects then told the victim to download a stock trading application. He downloaded it and started trading shares with tips from the suspects," the FIR stated. The suspects then promised to help the victim buy high-value shares and shared six bank account details with him. The retired govt official transferred money to these accounts on 11 occasions, the FIR stated. "In all, he transferred Rs 1.57 crores. The victim's application showed a sum of Rs2.93 crore as the collective sum of his investment and profit generated on the app. When he decided to sell off the shares for profit, the suspects demanded various fees and taxes. The victim then realised the cheating and approached the police. 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.
Time of India
20 minutes ago
- Time of India
Rain damages roads posing logistics challenge to Palda industrialists
Indore: Recent rainfall has resulted in sludge and potholes on roads in one of the city's oldest industrial belts, Palda, leaving industrialists struggling with damaged roads and logistics challenges. Tired of too many ads? go ad free now Palda, which is home to over 400 industries, is grappling with poor infrastructure, hindering the timely transportation of goods to industries, said industrialists. Local industrialists said that deteriorating road conditions have led to deep potholes and hazardous driving scenarios, causing delays in movement of raw material and finished products. Palda Industrial Association secretary Harish Nagar expressed frustration over the situation, saying, "Industries in Palda have significantly limited their transportation activities due to damaged roads, which are not being repaired since long. We contribute approximately Rs 5 crore annually in property tax to the civic authority, yet basic infrastructure improvement remains unmet." Industrialists added that poor condition of roads and drainage systems have been repeatedly brought to the attention of Indore Municipal Corporation and relevant departments, yet appropriate action has not been taken to address these critical infrastructure needs. Another industrialist Komal Agrawal, who operates a dal mill in Palda said, "Damaged roads are not only affecting operational efficiency but also jeopardises the safety and integrity of goods in transit. Workers too are feeling the impact, as many find it increasingly difficult to reach their workplaces." Industries claim the poor condition of roads is hampering day-to-day operations and attendance of employees.
