Gold prices in the national capital soared to a record Rs 1.20 lakh per 10 grams today, climbing Rs 500. A weaker dollar and anticipated US Federal Reserve rate cuts fueled this surge, alongside investor jitters over a potential US government shutdown. Silver also hit a new peak. Globally, bullion retreated slightly from record highs…
President Trump imposed new tariffs on lumber and home renovation products, effective October 14, citing national security concerns. Softwood lumber faces a 10% global tariff, while kitchen cabinets will see up to 50%. The move has drawn criticism and legal challenges, though some allies receive favorable rates.
The IMF has initiated critical discussions with Pakistan’s economic officials to review its $7 billion loan and $1.1 billion Resilience and Sustainability Facility. Performance has been uneven, marked by significant revenue shortfalls. The two-week mission will address corrective measures and Pakistan’s request for support on a $6 billion refinery upgrade, aimed at reducing emissions.
Tata Capital’s much-anticipated Rs 15,512-crore IPO is priced at Rs 310-326 per share, significantly below its unlisted market value of Rs 735. This surprising discount follows a sharp decline in its unlisted stock, which analysts attribute to inflated expectations and sector weakness.
The government is considering extending the September 30 deadline for switching to the Unified Pension Scheme (UPS) as only 1 lakh out of 23 lakh employees have opted. Employee associations are seeking a two-month extension, citing communication gaps and difficulties in understanding the new rules, despite recent incentives to make the UPS more attractive.
Gold and silver soared to record highs Tuesday, driven by surging safe-haven demand. Concerns over a potential US government shutdown, new tariffs, and expectations of further Federal Reserve rate cuts fueled this rally. Both Indian and global markets saw precious metals reach lifetime peaks.
Asian shares were mixed as investors remained cautious ahead of a potential US government shutdown. Gold continued its rally past $3,850 on rate cut expectations, while oil prices slid further amid supply glut concerns. Zijin Gold International made a strong debut in Hong Kong, raising over $3 billion.
Stock market recommendations: Somil Mehta of Mirae Asset Sharekhan recommends Apl Apollo Tubes Ltd and Hindustan Zinc as top stocks to buy today. Both stocks exhibit bullish flag patterns and positive momentum indicators.
Textiles Minister Pabitra Margherita is traveling to Moscow this week to strengthen trade and cultural ties with Russia. This visit aims to diversify India’s textile export markets following recent US tariffs on Indian apparel. Margherita will inaugurate a major fair showcasing over 100 Indian companies, seeking to expand their presence in Russia and other CIS…
