Business
Gold dips 0.81 pc this week over waning hopes of Fed rate cuts
New Delhi, Gold prices dipped 0.81 per cent during the week as negotiations between the United States and Iran stalled, denting hopes for near‑term interest‑rate cuts.
On Friday, MCX gold June futures gained 0.01 per cent while MCX silver May futures inched up 0.49 per cent. Currently, gold futures stand at Rs 1,51,363, while silver futures stand at Rs 2,47,500 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,50,263 on Thursday, down from Rs 1,51,495 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).
In international markets, bullion dropped as much as 1.2 per cent on Friday after gaining 1.5 per cent in the previous session, weighed down by rising energy costs and firmer Treasury yields. Gold has fallen nearly 14 per cent since the US-Iran conflict began on February 28, 2026, traders said.
The Iranian administration maintained that the US blockade would have to end before the Strait of Hormuz could be reopened, according to multiple media reports. Iranian state media said that Tehran had delivered a fresh proposal for talks to Pakistani mediators, but both sides signalled they were waiting for the other to make the first move.
“While diplomatic engagements remained active, the absence of a decisive breakthrough kept the geopolitical risk premium firmly embedded in prices,” an analyst said.
US inflation data showed the headline PCE price index at 3.5 per cent in March, at its highest level in nearly three years, reinforcing the view that policy rates may stay higher for longer.
Analysts said that rising energy prices could lead to central banks maintaining interest rates higher for longer, which would pressure non-yielding assets like gold.
Crude oil traded with heightened volatility through the week but retained a firm undertone, holding near elevated levels as concerns around potential supply disruptions persisted. The market continues to price in risks to global oil flows, limiting meaningful downside and providing support on dips.
Precious metals entered a phase of corrective consolidation following their recent safe-haven rally, analysts said.
Gold and silver witnessed intermittent profit booking at higher levels through the week, while selective buying interest emerged near key support zones. Safe-haven demand has eased marginally but continues to lend support on declines amid lingering uncertainty.
COMEX gold traded near the $4,620–$4,650 zone, and a major resistance is seen at the $4,700–$4,760 levels. Overall, the trend remains constructive with a cautious near-term bias, with strength dependent on a breakout above resistance.
COMEX Silver is currently trading above $76, and the broader trend remains constructive but with a cautious near-term bias, market participants said.
Business
CTI to launch poster campaign in 20 markets around Delhi’s Ramlila Maidan; urges INDIA Bloc to cancel rally

With Diwali approaching, some Delhi traders have expressed concern over the proposed rally at Ramlila Maidan, with the Chamber of Trade and Industry (CTI) on Saturday launching a massive poster campaign urging that business activities in major markets should not be disrupted during the peak festive season and urging the INDIA Bloc to cancel its ‘Chalo Delhi’ rally.
The CTI, an apex body representing traders and entrepreneurs in Delhi, appealed to Leader of the Opposition in the Lok Sabha, Rahul Gandhi, saying that traders’ businesses also run on mutual trust, love and affection with their customers.
“You often say that you run shops of love in the market of hatred. Our shops also run on the basis of mutual trust, love and affection with our customers. Therefore, we humbly request you not to sacrifice our shops of love and business for a rally during the peak season of India’s biggest festival, Diwali,” the CTI said.
CTI has announced that starting on Saturday, these posters will be put up in 20 major wholesale markets within a 5-km radius of Ramlila Maidan.
CTI Chairman Brijesh Goyal said the poster campaign was intended to highlight the concerns of traders whose businesses could be affected by traffic restrictions and congestion around the rally venue.
“You talked about opening ‘shops of love’ during the Bharat Jodo Yatra, but in Delhi, our 300-year-old shops of love are being closed because of the rally,” Goyal said.
He cited businesses ranging from the famous parantha shops of Chandni Chowk and spice traders of Khari Baoli to bangle and bindi sellers in Sadar Bazaar, lehenga shops in Chandni Chowk and other traditional establishments.
“Each shop supports the families of 10 to 20 people,” he added.
The CTI said it would put up posters in major wholesale markets located within a five-km radius of Ramlila Maidan.
These include Chandni Chowk, Sadar Bazaar, Khari Baoli, Bhagirath Palace, Naya Bazaar, Chawri Bazaar, Kashmiri Gate, Daryaganj, Connaught Place, Karol Bagh, Nabi Karim, Paharganj, Ajmeri Gate, Lahori Gate, Janpath, Palika Bazaar, Ballimaran and Kinari Bazaar.
According to the traders’ body, a large gathering at Ramlila Maidan could lead to traffic congestion and restrictions in the surrounding markets.
Goyal said the proposed rally, scheduled just days before Dhanteras, could affect festive business activities.
He expressed concern that the arrival of a large number of people and around 20,000 vehicles could result in traffic jams across central Delhi and disrupt commercial activity.
The CTI claimed that the festive business of 2 million traders and the livelihoods of 7.5 million people dependent on these markets could be affected if restrictions were imposed during the peak Diwali shopping period.
Business
Axis Trustee warns contempt proceeding against Yes Bank over AT1 bonds

Axis Trustee Services Limited, the trustee for the Additional Tier 1 (AT1) bonds issued by Yes Bank, called upon the private sector lender to reinstate the bonds and take necessary corporate actions within three days, failing which the former would initiate contempt proceedings in Supreme Court against the bank.
The trustee said in a filing that non-compliance will constitute “wilful disobedience by the lender of the Supreme Court’s October 15 judgment”.
Yes Bank said it had responded to the trustee, acknowledging the Supreme Court judgment and reiterating that it was fully committed to acting in accordance with the ruling and applicable law, according to an exchange filing.
The Bank replied to the Trustee that it is cognisant of the matters and is examining the SC Judgment and its implications in detail.
“The Bank will take all such steps and measures as are necessary and permissible under applicable law,” Yes Bank said.
“Should the Bank fail to comply with the said judgment as called upon above within the stipulated period, we shall be constrained to initiate proceedings for contempt before the SC, against the Bank and its directors and officers responsible for compliance with the said judgment, without any further notice, entirely at the Bank’s risk as to costs and consequences,” Axis Trustee said in its letter to Yes Bank.
Bank has merely stated that it is “examining the judgment in detail, including evaluating all available options and suitable actions or steps going forward,” the trustee said, adding that under the guise of evaluating its options, the bank should not withhold compliance with the said judgment.
Yes Bank rejected the allegation in its response letter, clarifying that it had not wilfully disobeyed the court.
“The Bank does not accept the characterisation in your Letter of its conduct as wilful disobedience and the assertions in your Letter are baseless and without merit,” it said.
The Supreme Court had, on October 15, upheld the Bombay High Court’s decision to set aside Yes Bank’s Rs 8,415 crore AT1 bond write-off carried out in March 2020. It ruled that the bank’s administrator had acted outside its authority and the applicable regulatory framework.
Axis Trustee challenged the decision of the then administrator of Yes Bank to write down the AT1 bonds in March 2020 before the Bombay High Court.
Business
Tesla rolls out Halloween Mode for ‘Model Y’ in India

Tesla India on Friday said it launched a new software update for Model Y and Model Y L vehicles that adds a range of Halloween-themed features, highlighting the company’s over-the-air (OTA) software update capabilities.
According to the Elon Musk-backed firm, the update allows Tesla vehicles to receive new features and improvements remotely without requiring a visit to a service centre.
Halloween Mode includes a ghost-themed vehicle avatar, Halloween sound effects, special lighting sequences, seasonal vehicle wraps and a themed lock sound, it said.
The update also introduces a ‘Trick or Treat Mode’ which activates sound and lighting effects when visitors approach the vehicle.
Other features include a photobooth function and a voice messaging feature that allows users to speak through the Tesla app and have the vehicle relay messages, the company said.
Tesla said customers can experience the new features at its Experience Centres across India.
The company currently operates those centres in Noida, Delhi, Gurugram, Chennai, Hyderabad, Bengaluru and Mumbai and has approved collision centres in Pune and Ahmedabad.
Earlier in October, Tesla CEO Elon Musk showcased a new version of the Roadster sports car with a prototype briefly lifting off the ground during a demonstration at a SpaceX facility in Texas.
A post on X shared by Musk showed the vehicle navigating an elevated curved track before becoming airborne for a short distance and landing safely, drawing comparisons to a flying car.
The showcase highlighted a specialised propulsion system that combines the electric vehicle platform with high-pressure air tanks and thruster technology.
According to Tesla, the system can generate lift and improve vehicle dynamics through strategically placed thrusters that help control movement while off the ground.
The test prompted enthusiastic reactions from company executives, who described it as evidence that flying-car technology is moving closer to reality. Tesla, however, did not provide a timeline for commercial deployment.
Musk said the vehicle would remain practical for everyday use, although he acknowledged that road legality could depend on local regulations.
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