Business
‘Gold and Silver for medium to long term as investment’

With uncertainties in the world – economics and geopolitics – investors having medium to long term outlook can have gold and silver in their portfolio, said Motilal Oswal Financial Services Ltd.
A 20 per cent allocation to gold exchange traded funds (ETF) in an investment portfolio during Diwali is ideal, said Quantum AMC.
Geopolitics, Central banks action and inflationary concerns are themes that are not only driving precious metals, but also triggering volatility in other asset classes, said Motilal Oswal in a report.
The US Federal Reserve is rushing to raise interest rates at an aggressive pace with an objective to tame inflation.
On the other hand, geo-political tensions between Russia-Ukraine and other economies continue to increase distress in the economy.
All this is raising questions regarding pace of global growth, institutions like IMF have also lowered their projections on the same.
Pointing out India as one of the largest consumers of gold and silver, Motilal Oswal said there has been a lot of development especially on the domestic front which are supporting prices.
“Government initiatives like, setting up GIFT city, signing an FTA (free trade agreement) between UAE and India, (implies that about 200 tonnes of gold will be imported from UAE at 1 per cent tariff rate quota-TRQ) and changes in import duty,” the company said.
This year macro factors will have an upper hand over the move in metal prices, as tighter monetary policy scenario is not a great phase for non-yielding asset gold, the report said.
The gold price trend is caught between the tussle of bulls and bears.
Extreme negatives do trigger bargain buying for gold and so it is important for medium to long term investors to see a broader picture, Motilal Oswal said.
Except for a few dips, the overall trend for gold has remained positive, and the returns also are quite decent, the company added.
The company has suggested accumulation of gold at Rs 46,800-Rs 47,500 with a medium term target of Rs 53,000 and a long term target of Rs 58,000 with an expected upside of 8-17 per cent.
In the case of silver, Motilal Oswal said the accumulation zone will be Rs 53,500-Rs 54,000 with a medium term target of Rs 64,500 and a long term target of Rs 73,000 with an expected upside of 13-28 per cent.
According to Quantum AMC, the correction in the gold prices from the peak has made the metal affordable this festive season.
“To make the most of the correction, we recommend investing in efficient products such as gold ETFs (exchange traded funds) to maximize the benefits,” Quantum AMC said.
Owning physical gold comes with additional costs such as making charges, retail premiums, storage concerns, and lower buyback value.
On its part, Emkay Global Financial Services in a report said the current weakness in gold may continue till there is more concrete information on the state of the economy in the major economies, especially against the background of an aggressive central bank trade-off unfavourable to growth and promoting stability.
Generally, gold is considered as a hedge against inflation but this time around it does not seem so.
National
Maharashtra Cabinet clears 802 km Shaktipeeth Expressway

Mumbai, June 24: The Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, on Tuesday approved the much-debated 802-km six-lane Shaktipeeth Expressway connecting 18 pilgrimage sites, including three and a half Shaktipeeths, two Jyotirlingas and Pandharpur Ambajogai in the state.
The project cost is estimated at Rs 86,300 crore and will pass through 12 districts.
The state-run Maharashtra State Road Development Corporation is the nodal agency for its development.
The cabinet cleared a provision of Rs 20,000 crore for the project design and land acquisition.
The expressway has been proposed from Pawanar in Wardha district to Patradevi in Sindhudurg district. This will reduce the travel time from the present 18 to 20 hours to just 8-10 hours.
According to the government sources, it aims to boost tourism, regional development, and provide easier access to spiritual sites. The expressway will pass through three Shakti Peethas of Mahalaxmi (Kolhapur), Tulja Bhawani (Dharashiv) and Patradevi (Goa), two Jyotirlingas of Aundha Nagnath (Hingoli) and Parli Vaijnath (Beed), historic town of Pandharpur, which houses the Shri Vitthal-Rukmini Mandir.
Last week, Chief Minister Fadnavis had directed the Finance Department to allocate Rs 12,000 crore required in connection with land acquisition for the proposed Shaktipeeth Expressway.
“Delays in projects lead to major cost escalations. All agencies concerned have been assigned specific timelines, and strict adherence to these is necessary. The land acquisition process must be treated with seriousness and executed in mission mode,” he said.
CM Fadnavis, who has been a strong advocate of the Shaktipeeth Expressway, claimed the project will open up new opportunities and transform the state.
He clarified that the government will not force the project on anyone, saying that the government will sit and understand the issues of farmers. While a section of farmers is protesting, another lot has plans to have gatherings to show their support for the project, he noted.
Today’s Cabinet approval comes amid strong protests by opposition parties, farmers and villagers who claimed that the proposed highway will damage their irrigated farmlands and is being planned for the benefit of contractors.
The Maha Vikas Aghadi has been opposing the project, claiming that it will affect farmers badly and benefit contractors.
The opposition parties are expected to take up the issue during the upcoming Monsoon Session of the state legislature, starting June 30 in Mumbai.
The Mahayuti government, ahead of state Assembly elections last year, had put on hold the land acquisition for the expressway in the wake of strong protests, especially from Kolhapur district. The Mahayuti partners BJP, Shiv Sena and NCP, had feared an electoral loss if the land acquisition had been carried out. However, the government has revived it now.
National
LoP Rahul Gandhi, CM Fadnavis cross swords over Maha electoral rolls

New Delhi, June 24: Leader of the Opposition (LoP) in Lok Sabha Rahul Gandhi and Maharashtra Chief Minister Devendra Fadnavis on Tuesday exchanged verbal blows on social media over alleged voter list manipulation ahead of last year’s Assembly elections.
While LoP Gandhi alleged illegal additions to the voter list in CM Fadnavis’ constituency and doubted the Election Commission of India’s (ECI) impartiality, the BJP leader mocked the Congress MP and accused him of “shooting in the dark” to cast doubt on the election which his party lost in a “humiliating manner”.
In his latest message on X, LoP Gandhi said, “In Maharashtra CM’s own constituency, the voter list grew by 8 per cent in just five months. Some booths saw a 20-50 per cent surge. Booth Level Officers reported unknown individuals casting votes. Media uncovered thousands of voters with no verified address. And the EC? Silent – or complicit. These aren’t isolated glitches. This is vote theft. The cover-up is the confession.”
Reiterating his demand for a relook at the voting footage, the Congress leader said, “That’s why we demand the immediate release of machine-readable digital voter rolls and CCTV footage.”
CM Fadnavis responded by posting on X, “I agree that your pain of the humiliating defeat in Maharashtra is increasing day by day. But when will you stop shooting in the dark?”
In a powerful rebuttal to LoP Gandhi’s allegations on a sudden surge in the number of voters in his Nagpur South-West constituency, CM Fadnavis said, “For your information, there are more than 25 constituencies in Maharashtra where more than 8 per cent voters have increased between Lok Sabha and Assembly elections and Congress has won in many places.”
Fadnavis said in his message on X, “In West Nagpur constituency which is adjacent to my South-West constituency, 7 per cent voters (27,065) increased and Congress candidate Vikas Thackeray won the election there.”
In North Nagpur, 7 per cent (29,348) voters increased and Congress candidate Nitin Raut won. In Pune district, in Vadgaon Sheri, 10 per cent (50,911) voters increased and Bapusaheb Pathare of the NCP Sharad Pawar faction won, said the CM.
Giving examples of an unprecedented surge in voter registration in other Assembly segments, CM Fadnavis said, “In Mumbra, 9 per cent (46,041) voters increased and Jitendra Awhad of the Sharad Pawar faction won. In Malad West, 11 per cent (38,625) voters increased and your Congress party’s Aslam Sheikh won.”
The Maharashtra CM also slammed LoP Gandhi for his unverified claims and advised him to maintain proper communication with, at least, his own party workers, if not Congress allies.
International
Fresh Escalation By Iran? Sirens Blare In Israel After Ceasefire Confirmed

Tel Aviv: Sirens sound in northern Israel as the army warned of incoming Iranian missiles, hours after both countries agreed to a ceasefire on Tuesday. Israeli media earlier reported that a test ceasefire was in effect till 7 pm local time, during which Israel would not initiate any military operation. The Jewish State said it would watch the response of Tehran before announcing a longer ceasefire.
Earlier in the day, Tehran and Jerusalem accepted a ceasefire plan proposed by US President Donald Trump to end their 12-day war that roiled the Middle East. But the ceasefire with Israel came into effect following several waves of Iranian attacks on Israeli-occupied territories.
At least four people were killed in the Southern Israeli city of Be’er Sheva on Tuesday morning after an Iranian missile hit a residential building. The launches came after Iranian Foreign Minister Abbas Araghchi said Iran would stop its attacks if Israel ended their airstrikes.
A video has emerged from Be’er Sheva, which shows the residential complex being completely destroyed by the Iranian missile. The clip shows remains of burnt cars and trees outside the building where the warhead had hit.
Iranian state media said Tehran launched five waves of missiles at Israel, moments before a ceasefire between the two Middle East foes was expected to begin. “The fifth wave of this morning’s missile attack from Iran is on its way to the occupied territories,” Irib posted on Telegram just before 4:00 am GMT.
The adversaries had been swapping missile fire since Israel carried out surprise “preemptive” strikes against Iran on June 13, targeting nuclear and military sites, and prompting Trump to warn of a possible “massive” regional conflict.
Trump’s Ceasefire Announcement
Earlier, Israel’s military said that it was working to intercept Iranian missiles launched a “short while ago”, without specifying the exact time of the attack.
“A short while ago, sirens sounded in several areas across Israel following the identification of missiles launched from Iran toward the State of Israel,” the Israeli military said in a statement posted to Telegram around 5:00 am Iranian Time (2:00 am GMT).
US President Donald Trump had announced that a staggered ceasefire between Israel and Iran would begin around 4:00 am GMT, with Tehran halting operations first.
Though there was no immediate confirmation from Israel on ending the conflict, Iran’s foreign minister said Tehran did not intend to continue its strikes if Israel stopped its attacks.
Israel’s Early Warning To Citizens
Despite nightly missile barrages, Israel’s casualty toll has remained relatively low, with authorities repeatedly stressing the importance of taking cover in life-saving protected spaces.
Israeli residents receive blaring phone alerts via SMS to warn them of incoming Iranian missiles, often in the early hours of the morning. These are often followed by the wail of overhead air raid sirens.
The alerts caution residents to rush to the safe shelters closest to their homes. For those with no safe shelters near their homes, the city’s underground stations and car parks have become vital refuges since the war began on June 13.
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