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Gold, silver prices jump as safe-haven demand rises amid Middle East tensions

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Mumbai, July 21: Gold and silver prices traded higher on Tuesday, tracking gains in global bullion markets as easing crude oil prices and persistent geopolitical tensions in the Middle East boosted demand for safe-haven assets.

On the Multi Commodity Exchange (MCX), gold futures for August delivery climbed as much as 1.03 per cent or Rs 1,460 to touch an intraday high of Rs 1,42,848 per 10 grams at around 11:20 am. Meanwhile, silver futures for September delivery rose 1.54 per cent or Rs 3,380 to an intraday high of Rs 2,21,780 per kg.

At the last count, the yellow metal was trading at Rs 1,42,741, up Rs 1,353 or 0.96 per cent after touching an intraday low of Rs 1,42,157.

On the other hand, the white metal at Rs 2,21,402, gaining Rs 3,002 or 1.37 per cent after hitting a session low of Rs 2,19,200 so far.

Earlier in the day, gold and silver opened at Rs 1,42,386 per 10 grams and Rs 2,19,200 per kg, respectively, on the commodity exchange.

The rally in domestic bullion prices mirrored global trends after Brent crude slipped below the $90-a-barrel mark amid reports of diplomatic efforts to de-escalate the conflict in the Middle East.

International gold prices also moved higher after oil prices retreated following reports that the US had ended its latest round of airstrikes targeting Iran.

The latest developments follow a sharp rally in crude oil prices that briefly pushed Brent above the $90-a-barrel level, fuelling concerns over higher global inflation and the possibility of further monetary tightening by major central banks, including the US Federal Reserve.

According to the commodity market experts, bullion prices have remained volatile in recent weeks as investors weigh geopolitical risks against expectations for the US Federal Reserve’s interest rate path.

Higher interest rates generally reduce the appeal of non-yielding assets such as gold by increasing the opportunity cost of holding them, they added.

They further noted that persistent geopolitical uncertainty has continued to support safe-haven demand, offsetting pressure from a stronger US dollar.

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Customs duty on gold, silver, platinum tops Rs 10,460 crore since duty hike

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New Delhi : The government has collected Rs 10,463 crore in customs duty from imports of gold, silver and platinum between May 13 and August 2 following the increase in import duties on the precious metals, Parliament was informed on Monday.

In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said customs duty collections during the period stood at Rs 10,040 crore on gold, Rs 328 crore on silver and Rs 95 crore on platinum.

The combined customs duty collection from the three precious metals thus amounted to Rs 10,463 crore during the period.

With effect from May 13, the government had increased the import duty on gold and silver to 15 per cent from 6 per cent, while the duty on platinum was raised to 15.4 per cent from 6.4 per cent.

Moreover, consequential changes were also made to duties on related items, including gold and silver dore, coins and findings.

Chaudhary said the government had taken the decision to curb discretionary imports and prioritise foreign exchange for essential imports such as crude oil, fertilisers, industrial raw materials and capital goods.

The duty hike came against the backdrop of rising global uncertainties, including the conflict in West Asia and the effective blockade of the Strait of Hormuz, which had pushed up prices of crude oil as well as food and fertiliser imports.

The minister also informed the House that enforcement agencies seized 161 kg of smuggled gold and arrested 116 persons between May 13 and June 30.

India is the world’s second-largest consumer of gold after China with imports largely driven by demand from the jewellery sector.

Gold imports account for a significant outflow of foreign exchange and are closely monitored by policymakers from a balance-of-payments perspective.

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TRAI mandates 1601-series numbers for service calls from utilities, logistics firms

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New Delhi : The Telecom Regulatory Authority of India (TRAI) on Monday directed telecom operators to begin onboarding entities from select non-financial sectors onto the new 1601-series numbering framework for transactional and service voice calls extending a system already in use by the banking, financial services and insurance (BFSI) sector.

After this decision, consumers can identify genuine service and transactional calls and curb impersonation and fraud carried out through regular 10-digit mobile numbers.

In addition, TRAI said it has issued directions on the use of the 1601-series numbers for entities in sectors other than BFSI and government organisations which currently use the 1600-series numbering framework.

The authority also noted that the widespread adoption of 1600-series numbers by BFSI entities has provided valuable operational experience for expanding the trusted numbering framework to other sectors.

Under the first phase of implementation, the 1601-series will be allotted to entities in the utilities sector, including electricity distribution companies, water utilities, city gas distribution companies, LPG distributors and other utility service providers.

The logistics and courier sector has also been included in Phase-I, covering courier companies, express logistics firms, parcel delivery service providers as well as freight and logistics operators involved in consignments delivery.

TRAI said the Department of Telecommunications (DoT) has allocated the 1601-series for such calls and telecom service providers (TSPs) have been directed to complete migration and onboarding of eligible entities covered under Phase-I within 90 days from the date of the order.

The regulator further noted that 1601-series numbers would be allocated directly to eligible entities rather than intermediaries or aggregators following verification by telecom operators.

“The distinct numbering identity will enable the consumers to easily identify legitimate service and transactional calls, thereby strengthening trust in such voice-based communications,” the regulator said.

Additionally, TRAI clarified that the 1601-series numbers cannot be used for promotional voice calls by any entity.

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Centre’s expenditure on 1,847 big infra projects touches Rs 21.97 lakh crore

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New Delhi: The expenditure on India’s 1,847 major infrastructure projects, currently being implemented by the Centre, has reached Rs 21.97 lakh crore (as of June 2026), which represents over 54 per cent of the total investment of Rs 40.54 lakh crore earmarked for these mega projects, reflecting steady progress in the pace of work, according to a factsheet issued by the government on Monday.

Many projects have reached advanced stages of completion, with around 709 projects exceeding 80 per cent physical progress, while another 337 projects have passed 80 per cent of financial completion, the factsheet states.

The transport and logistics sector leads with the 1,341 projects worth Rs 22.32 lakh crore, reflecting the focus on connectivity.

These projects are playing a crucial role in pushing up the country’s economic growth rate and creating more jobs.

Efficient monitoring of infrastructure projects is being carried out through PAIMANA (Project Assessment, Infrastructure Monitoring and Analytics for Nation-Building) digital platform. Developed by the Ministry of Statistics and Programme Implementation (MoSPI), PAIMANA is used for monitoring ongoing Central Sector infrastructure projects costing Rs 150 crore or more.

In addition to strengthening project monitoring, PAIMANA has expanded its role to support infrastructure performance monitoring through a dedicated Performance Monitoring Dashboard which was launched on April 16, 2026.

The Performance Monitoring Dashboard brings together performance indicators across key infrastructure sectors in a unified digital platform. The indicators are compiled from official data provided by the concerned Ministries and Departments and are updated periodically based on the latest available information.

A detailed indicator framework spans six infrastructure sub-sectors. These are Power, Civil Aviation, Telecommunications, Railways, Roads, and Ports, Shipping and Waterways.

The Performance Monitoring Dashboard has now been expanded to 165 indicators. This expansion includes the addition of 54 new indicators, significantly enhancing the comprehensiveness of infrastructure performance monitoring.

A single digital interface allows monitoring of performance sector by sector. It offers interactive visualisation and time-series analysis for policymakers, researchers and stakeholders.

A centralised dashboard delivers one cross-sector view of infrastructure sectors. This capability deepens inter-sectoral analysis.

The current framework gauges sectoral performance through growth rates. It reviews year-on-year, month-on-month and cumulative growth, targets and capacity utilisation in chosen sectors, the official statement added.

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