Business
Gold Rush: Ukraine war to push global prices to $2k

Rush for safe haven investments during the ongoing market volatility triggered by Russian-Ukrainian conflict is expected to push global gold prices higher.
Accordingly, the fears of supply shortages along with robust demand has kept prices higher.
Besides, sanctions on Russia which is a major producer of Gold is expected to reduce supply.
Last week, MCX gold prices increased sharply by 4.66 per cent to Rs 52,559 levels.
Besides, ‘Spot Gold’ prices increased by 4.30 per cent to $1,970.35 per ounce.
Notably, gold prices have increased by more than $40, accelerating a well-defined upward trend that began in the first week of March.
“Geopolitical tension, sanctions over Russia as well as sell off in equity markets and depreciation in currency will increase Gold demand,” said IIFL Securities VP, Research, Anuj Gupta.
“We expect it to reach $2,000 in international market and Rs 54,000 on MCX in the short run.”
According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities: “Gold prices are hovering near the resistance levels of $1,970 per ounce reporting the biggest weekly gain in the last two years. The geopolitical risk premium over the Russia-Ukraine conflict and global inflation worries may continue to boost buying in gold despite the Fed policy change.
“The global supply shock in commodities may keep inflation levels high with crude oil trading above $100 per barrel. We may see spot COMEX gold prices nearing $2,050 per ounce in the short term while on the domestic front Rs 53,800 can be the resistance level.”
In addition, Kshitij Purohit, Lead of Commodities and Currencies CapitalVia Global Research, said: “Gold’s influence on the global economy has been amplified by the synergistic effect of both geopolitical instability and existing inflationary pressures. Gold prices have risen to their highest level since August 2020.
“For the week, gold was roughly 4 per cent higher. Support is seen near the 10-day moving average, which is around $1,918. Near the November 2020 highs of 1,965, resistance is seen.”
National
After LS nod, Waqf Bill to be presented in Rajya Sabha today

New Delhi, April 3: After the Lok Sabha passed the Waqf (Amendment) Bill, 2025, it will be tabled by the government in the Rajya Sabha on Thursday.
The Lok Sabha intensely discussed the bill for more than 12 hours, which began at Wednesday noon and continued till the early hours of Thursday. The Waqf Bill was passed with 288 votes in favour and 232 against.
Apart from the Waqf bill passage, a resolution was adopted by the Lower House confirming the President’s Rule in Manipur.
As per the Business List for Thursday, Union Home Minister Amit Shah will move in the Rajya Sabha the Statutory Resolution confirming the imposition of President’s Rule in Manipur.
HM Shah will “move the following Resolution – that this House approves the Proclamation issued by the President on the 13th February 2025 under Article 356(1) of the Constitution in relation to the State of Manipur.”
The Lok Sabha early Thursday passed the Statutory Resolution confirming the imposition of President’s Rule in Manipur. Even though members across party lines supported the decision, some opposition members slammed the Centre for the situation in Manipur. HM Shah said that the government has taken every possible measure to bring back normalcy in the restive Northeastern state.
Minister Dr Chandra Sekhar Pemmasani will lay a statement regarding the withdrawal of funds from the Contingency Fund of India for servicing Interest on Sovereign Guarantee Bonds (SGBs) raised by Mahanagar Telephone Nigam Limited (MTNL).
In the Lok Sabha, the Coastal Shipping Bill, 2024, will be put up by Minister Sarbananda Sonowal for consideration and passing. The motion was moved by Sonowal on April 1, namely – “That the Bill to consolidate and amend the law relating to regulation of coastal shipping, promote coasting trade and encourage domestic participation therein, to ensure that India is equipped with a coastal fleet, owned and operated by the citizens of India for its national security and commercial needs, and for matters connected therewith or incidental thereto, be taken into consideration.”
Minister Rammohan Naidu Kinjarapu will move The Protection of Interests In Aircraft Objects Bill, 2025, for consideration and passing. The Bill seeks to “provide for protection of interests in aircraft objects and to implement the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, each signed at Cape Town on 16th November, 2001.”
Minister Manohar Lal Khattar will make a statement in the Lower House regarding “the status of implementation of the recommendations contained in the 10th Report of the Standing Committee on Housing and Urban Affairs on PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) pertaining to the Ministry of Housing and Urban Affairs”.
National
Supreme Court rebukes Telangana CM over statement made in Assembly

New Delhi, April 2: The Supreme Court on Wednesday rebuked Telangana Chief Minister A. Revanth Reddy over his statement made in the state Assembly, saying he was making mockery of the anti-defection law.
The Chief Minister had stated that there would be no by-elections even if the MLAs of the opposition Bharat Rashtra Samithi (BRS) defect to the ruling Congress.
“If this is said on the floor of the house, your Hon’ble CM is making a mockery of the 10th Schedule,” the bench of Justices B.R. Gavai and A.G. Masih, slamming the Chief Minister while hearing petitions filed by BRS leaders, seeking disqualification of BRS MLAs who defected to Congress last year.
BRS MLA P. Kaushik Reddy had filed the petition seeking the disqualification of MLAs T. Venkata Rao, Danam Nagender, and Kadiyam Srihari for defecting to the Congress after winning the election on BRS tickets.
The Telangana High Court, in November last year, directed the Speaker of the Telangana Assembly to decide on the disqualification petitions within a ‘reasonable time’.
Later, Kaushik Reddy and another BRS MLA K. Pandu Vivekananda and BJP MLA A. Maheshwar Reddy filed separate petitions in the Supreme Court, seeking direction to the Speaker to decide on the disqualification petitions in a time-bound manner.
The Supreme Court is also hearing the petition of BRS Working President K. T. Rama Rao, seeking the disqualification of seven other BRS MLAs who switched loyalties to Congress.
During the hearing on the petitions on Wednesday, counsel for the petitioners C. Aryaman Sundaram brought to the court’s notice the statement made by the Chief Minister in the Assembly on March 26.
Appearing for the respondents, senior advocate Mukul Rohatgi argued that Assembly proceedings were not in question in the present case.
Justice Gavai suggested that the senior lawyer warn the Chief Minister against making such controversial statements in the legislature.
“We know we are slow in issuing contempt notices, but we are also not powerless,” he said.
The bench observed that statements made in legislatures have sanctity.
“When politicians say something in the Assembly, it has got sanctity. In fact, the judgments say that when we interpret laws, the speech given on the floor of the House can be used for interpreting,” it said.
Justice Gavai told Rohatgi to warn the Chief Minister against repeating the mistake.
The judge was apparently referring to the CM’s remark made in August last year about the bail granted to BRS MLC K. Kavitha in Delhi liquor policy case. Revanth Reddy had reportedly stated that Kavitha could secure bail within five months as the vote bank of the BRS was transferred to the BJP.
“Do we pass our orders in consultation with political parties? We are not bothered about which party politicians belong to… We are not bothered by politicians’ criticism of our orders. We do our duty as per the Constitution and our oath,” Justice Gavai had said while addressing Rohatgi and Siddharth Luthra, appearing for Revanth Reddy.
After the Supreme Court faulted the Chief Minister for his remarks, he unconditionally expressed his regret.
Speaking in the Assembly last month, the Chief Minister told BRS MLAs who switched loyalties to the Congress that they need not worry as by-elections will not be held.
The Chief Minister stated that during the BRS rule, turncoats took oath as ministers and no by- elections were held in the previous government. “How will by-elections be held now?” he asked.
The Chief Minister’s statement drew a strong reaction from the BRS leader Rama Rao, who had said that they would bring this to the court’s notice.
National
Bengal Police unnecessarily creating panic over Ram Navami: BJP

Kolkata, April 2: A senior leader of BJP from West Bengal, on Wednesday, accused the West Bengal Police of creating unnecessary panic among common people over the forthcoming Ram Navami festival.
BJP’s former national vice-president and former party Lok Sabha member Dilip Ghosh said that the decision of the police authorities to cancel the leaves of all cops, except for emergency reasons, from April 2-9 was unnecessary.
“Such panic-driven decisions are prompted only during Hindu festivals. The police should take care of those who create trouble. Hindus are well organised and they perform their religious rituals peacefully. Lakhs of people participate in Durga Puja, and no tension is created. It has become a habit of the ruling party to create tension and panic,” Ghosh said.
He also said that the chances of untoward incidents over the Ram Navami processions will not be there if the police strictly handle those who want to create tension on the occasion.
Last week, two senior officials of West Bengal Police told media persons that they have got specific intelligence inputs on some vested interests trying to instigate violence in the coming days, especially targeting the forthcoming Ram Navami festival.
“There are plans to instigate people through different posters or posts. The police are on alert. There might be attempts to instigate tension among people from different communities, especially focusing on the occasion of Ram Navami. We requested people not to get instigated. There is no need to worry. But at the same time, we also request people to alert the local police in case they notice any suspicious activities in their respective areas,” said Additional Director General (South Bengal) Supratim Sarkar on March 29.
Recently, there were reports of communal clashes from Mothabari in Malda district.
Recently, the Leader of the Opposition in West Bengal, Suvendu Adhikari, said at least 2,000 rallies, big and small combined, will be brought out on the occasion of Ram Navami this year.
He also said that participants at the rallies on Ram Navami this year will be double compared to last year.
“Ram Navami will be celebrated this year in a major way. I will be there on the streets on that day. Last year, around 50 lakh Hindus were on the streets to participate in rallies on the occasion of Ram Navami. Last year, there were 1,000 rallies. This year there will be 2,000 rallies and around one crore Hindus will participate in those rallies this year,” he claimed.
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