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.”
Business
Indian Railways launches online excess luggage booking with ticket reservations

New Delhi, July 31: Passengers travelling by train can now book and pay for excess luggage online while reserving their tickets, as Indian Railways on Friday rolled out a new digital facility aimed at making the travel process more convenient.
The service integrates excess luggage booking with the online ticket reservation system, eliminating the need for passengers to visit parcel offices separately before boarding.
Previously, travellers carrying baggage beyond the free allowance had to complete a separate booking process at railway parcel counters, often leading to additional paperwork and long queues.
The online excess luggage booking facility is available only to passengers holding confirmed tickets and is restricted to travel classes where carrying luggage beyond the free allowance is permitted upon payment of the prescribed charges.
Passengers travelling in AC First Class, AC 2-Tier, First Class, Sleeper Class and Second Class can avail of the service.
However, those travelling in AC 3-Tier and AC Chair Car will not be eligible, as the maximum permissible baggage limit in these classes is the same as the free luggage allowance.
Under the existing baggage rules, AC First Class passengers are entitled to carry up to 70 kg free of charge and can carry a maximum of 150 kg after paying excess luggage charges.
Passengers in AC 2-Tier and First Class are allowed 50 kg free, with a maximum permissible limit of 100 kg.
Sleeper Class passengers can carry 40 kg free and up to 80 kg in total, while Second Class passengers have a free allowance of 35 kg and a maximum limit of 70 kg.
In contrast, AC 3-Tier and AC Chair Car passengers can carry up to 40 kg, which also serves as the maximum permissible limit.
Indian Railways has clarified that passengers carrying baggage beyond the free allowance but within the prescribed maximum limits will be required to pay applicable excess luggage charges.
Apart from weight restrictions, the Railways also enforces size limits for luggage carried inside passenger coaches.
Trunks, suitcases and boxes measuring up to 100 cm × 60 cm × 25 cm are generally permitted inside compartments.
However, passengers travelling in AC 3-Tier and AC Chair Car coaches must adhere to a smaller size limit of 55 cm × 45 cm × 22.5 cm.
Business
IBM partners Sarvam to strengthen India’s sovereign AI ecosystem

New Delhi, July 31: IBM and homegrown AI startup Sarvam have partnered to accelerate the development and adoption of sovereign artificial intelligence (AI) technologies in India, with a focus on government agencies, public sector organisations and regulated enterprises, according to a statement on Friday.
Under the partnership, the two companies will jointly demonstrate and pilot sovereign AI technologies for use cases such as citizen services, grievance redressal, document processing and administrative workflows.
The collaboration combines IBM Sovereign Core, the company’s sovereign-by-design AI software platform, with Sarvam’s India-first sovereign AI stack, which includes reasoning models and multilingual language and voice AI developed and trained in India.
The combined offering is designed to help organisations deploy AI while maintaining greater control over data, governance, security and compliance in line with India’s regulatory and operational requirements.
In addition, the initiative aims to accelerate sovereign AI adoption through innovation pilots, solution accelerators, technical advisory services and knowledge-sharing programmes.
The IBM GovTech AI Innovation Center in Lucknow will serve as a joint incubation and demonstration hub where government departments, public sector organisations and enterprises can evaluate practical sovereign AI applications and address technical, operational and governance requirements before scaling deployments.
“Sovereign AI is not simply about where AI runs. It is about giving organisations control over how AI is governed, deployed and operated,” said Sriram Raghavan, General Manager, IBM Software, India and Software Innovation Lab.
He said IBM Sovereign Core provides an enterprise-grade platform designed to help governments and regulated enterprises scale AI while addressing governance, security and compliance requirements.
Pratyush Kumar, Co-Founder of Sarvam, said sovereign AI must work within the systems governments and enterprises already rely on while supporting large-scale operations.
“Our stack puts models, voice and language technologies on top of it, so a citizen can access a benefit or resolve a grievance in their own language, on a phone call,” Kumar said.
Business
Markets open subdued as IT, pharma stocks offset banking weakness

Mumbai, July 30: Domestic equity benchmarks opened on a subdued note on Thursday amid mixed global cues, as gains in information technology and pharma stocks were offset by weakness in banking and realty shares.
Sensex opened at 77,638.86, down 15.74 points or 0.02 per cent, while Nifty opened at 24,249.55, lower by 0.65 points.
Among the sectoral indices, Nifty IT was the top gainer, rising 1.39 per cent, followed by Nifty Pharma, Nifty Healthcare, Nifty MidSmall IT & Telecom, and Nifty Auto, which gained up to 0.54 per cent.
In contrast, Nifty Realty declined 0.80 per cent, followed by Nifty Chemicals, which was down 0.45 per cent, while Nifty Private Bank fell 0.42 per cent.
According to market experts, the Indian market continues to indicate a potential breakout trend, although several global headwinds are limiting the upside momentum.
“The spike in Brent crude prices to near $90 following the escalation of the US-Iran conflict is a strong headwind for markets,” they said.
Experts noted that the US Federal Reserve’s decision to keep interest rates unchanged, though widely expected, turned out to be negative for equities as the decision was split 9-3, with three members voting for a rate hike to curb inflation.
However, they believe the Indian market could remain relatively resilient.
Weakness in global chip stocks has prompted foreign portfolio investors (FPIs) to shift allocations, with FPIs turning net buyers in Indian equities so far in July.
Brent crude — the international oil benchmark — declined 1.75 per cent to $89.15 per barrel, while US West Texas Intermediate (WTI) crude fell 1.47 per cent to $83.21 per barrel.
Asian stocks traded mixed. Major indices such as the Nikkei, Hang Seng, and KOSPI were up 0.72 per cent, down 0.02 per cent, and lower by 0.57 per cent, respectively.
US stocks ended lower, with the S&P 500 declining 1.52 per cent, while the Nasdaq ended down 1.74 per cent.
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