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
Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.
During his US visit, the minister met several global leaders and CEOs.
“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.
He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.
“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.
During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.
“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.
Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.
“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.
He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).
They discussed avenues to expand ADM’s presence and investment opportunities in India.
“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.
Business
Dharavi Experience Centre will build trust among area residents: CM Fadnavis

Mumbai, Oct 2: Maharashtra Chief Minister Devendra Fadnavis on Friday said that the ‘Dharavi Experience Centre’ will not merely showcase blueprints of the redevelopment project but allow the area’s residents to directly experience their future homes, neighbourhoods, and workplaces.
In an interaction with the media, he stated that this initiative will help curb rumours, misconceptions, and incomplete information, creating an atmosphere of trust around the redevelopment.
CM Fadnavis inaugurated the state-of-the-art ‘Dharavi Experience Centre’, which offers physical and digital previews of the Dharavi Redevelopment Project plan, rehabilitated homes, industrial spaces, and upcoming social infrastructure, built near the BKC in the PMGP Colony’s H Block.
The event was attended by Adani Group Managing Director Pranav Adani, BMC Commissioner Ashwini Bhide, Mumbai Slum Rehabilitation Authority (SRA) CEO Dr Mahendra Kalyankar, Dharavi Redevelopment Project CEO and SRA Secretary Vipin Paliwal, Adani Navbharat Developers Private Ltd (the Special Purpose Vehicle executing the redevelopment project) CEO Anil Sardana, among others.
After inspecting the centre, Fadnavis said: “Dharavi is not just a slum; it is a major economic engine. A significant economy thrives here through Kumbharwada’s pottery industry, leather business, food processing, plastic recycling, and various micro, small, and medium enterprises. The redevelopment plan respects these industries and focuses on providing them with better, well-planned workspaces. This is an effort toward comprehensive urban transformation while preserving Dharavi’s existing social, cultural, and economic identity.”
He added that this serves as an ideal example of the urban transformation taking place across the country under the leadership of Prime Minister Narendra Modi.
The Chief Minister noted that the ‘Dharavi Experience Centre’ will provide real-time information to everyone on how the Dharavi redevelopment project will look, what Dharavi is today, and how its structure will evolve in the future. This centre will play a crucial role in addressing the questions and confusion among Dharavi residents regarding their future post-redevelopment. He expressed confidence that by offering information on homes, roads, open grounds, social amenities, and employment opportunities all under one roof, the centre will be valuable for citizens, stakeholders, and urban planning researchers across the country.
The Dharavi Experience Centre highlights the journey from Dharavi’s present to its future transformation through modern audio-visual and digital technology. During his visit, CM Fadnavis also launched a special song titled “Dharavi Ka Kal”, sung by renowned singer Shankar Mahadevan, portraying the changing face of Dharavi, and released the book “Mere Sapno Ki Dharavi”.
Business
Markets extend weekly losing streak as FII selling, global risks weigh

Mumbai, Oct 2: Indian equity markets extended their losing streak to an eighth consecutive week on Thursday as benchmarks fell about 3 per cent each amid persistent foreign fund outflows, elevated US bond yields and geopolitical concerns.
Nifty 50 closed at 22,421.95, a decline of 3.1 per cent against the previous Friday’s closing of 23,140.5.
Similarly, Sensex declined 2.7 per cent to 71,909.7 compared with 73,895.7 a week earlier.
Broader markets also declined with midcap and smallcap indices falling 3.5 per cent and 3.3 per cent, respectively.
Sector-wise, BSE IT index was the only gainer, rising 0.2 per cent over the week.
In contrast, auto sector was the worst-performing sector, falling 5.5 per cent followed by consumer durables, down 5.3 per cent. FMCG and metal indices declined 4.2 per cent each, while energy, healthcare and realty indices fell between 3.3 per cent and 3.6 per cent. While banking, capital goods and power indices declined 2.4 per cent, 2.4 per cent and 2.6 per cent, respectively.
The latest decline marks the longest weekly losing streak for the benchmark indices in nearly 25 years.
Moreover, foreign institutional investors (FIIs) continued to sell Indian equities, while domestic institutional investors (DIIs) provided some support, cushioning the decline.
According to market experts, investor sentiment remained weak due to persistent geopolitical tensions, elevated crude prices, foreign fund selling and concerns over monetary policy.
Crude oil prices remained above $100 a barrel amid continued geopolitical tensions, while the US 10-year Treasury yield remained elevated, adding to pressure on emerging-market assets.
They further noted that the southwest monsoon ended with a 13 per cent rainfall deficit, raising concerns over agricultural output and food inflation.
The recent increase in minimum support prices for key rabi crops has also added to expectations of a cautious monetary policy stance, according to the experts.
Moreover, the Reserve Bank of India’s Monetary Policy Committee is scheduled to meet next week, with the policy decision due on October 7.
In addition, the coming week will also mark the start of the second-quarter earnings season.
The near-term market outlook could remain sensitive to global yields, crude oil prices, foreign fund flows and geopolitical developments, while the upcoming earnings season will provide further direction to equities, according to analysts.
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