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Gold, silver rally to 10% gains this year

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Safe haven assets, especially gold and silver have seen a fantastic rally since the start of this year, positing 10 per cent year to date (YTD) gains, Motilal Oswal Financial Services said in a report.

It probably is the year of safe havens, as along with global growth slowdown, geo-political uncertainties, there are also expectations regarding slower interest rate hikes which really is a positive scenario for gold prices, the report said.

Demand and supply factors historically have not directly made a big impact on gold prices, and especially in a scenario where there are more overpowering uncertainties present in market.

Gold prices have posted a sharp rally over the last couple of months, hence some ease off could be warranted.

Gold’s demand seldom disappoints the market, however things are little different on domestic front this time around due to some slowdown in the physical market, primarily amidst recent changes in customs duty to 15 per cent (including cess) for gold last year and for silver this year.

India in 2021 imported 1,050 tonnes gold, in 2022 it imported 705 tonnes of gold, on other hand, silver import number surprised everyone in 2022, which were to the tune of 9,500 tonnes.

Amidst higher prices, there is some resilience in the physical market with respect to gold buying. On the domestic front, gold ETF has witnessed good traction with the Total AUM of major fund houses going above Rs 17,000 crore.

Also giving a boost to the overall demand is the Central Bank gold buying spree which is rising with a consistent pace, since the last 10 years, major central banker have been net buyers.

According to WGC, current scale of central bank buying is massive — an annualised rate of 1,724 tonnes vs an average of 512 tonnes over the past decade, the report said.

The triggers which are supporting the market are geo-political tensions in Russia/Ukraine, China/Taiwan.

Russian-Ukraine concerns set a positive tone for safe haven assets, and to top up, Finland was granted admission in NATO, which doubled their borders and increased threat for Russia increasing uncertainties.

One more uncertainty that “probably” was short lived is the US banking concerns, wherein SVB and Credit Suisse led fiasco created panic in the market and increased gold and silver’s safe haven appeal, the report said.

Business

Woman drives car on railway track in Telangana

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Hyderabad, June 26: A young woman created a scare by driving a car on a railway track near Hyderabad on Thursday.

The woman drove the car for about seven kilometres in the Rangareddy district, disrupting railway traffic for about two hours in the morning.

At a level crossing at Kondakal, she turned the car onto the track, sending panic among passersby. Locals tried to stop her at Nagulapalli, but she allegedly threatened them with a knife and sped away.

She drove the car for a distance of about seven kilometres between Nagulapalli and Shankarpalli. A train coming on the same track was stopped after the loco pilot applied the brakes on spotting the car, averting a disaster.

The young woman’s action sent the railway staff into a tizzy. Later, the railway employees, with the help of locals, managed to stop the car and overpowered her.

Local police rushed to the spot and took her into custody. The woman was identified as Ravika Soni, a native of Lucknow, Uttar Pradesh.

She was said to be working as a software engineer at a company in Hyderabad. She was recently removed from the job and was reportedly suffering from depression.

Police were questioning her to find out whether she did that to make reels. She was sent for medical examination. Police personnel had a tough time controlling her.

Police officials said they have informed her family members.

The woman’s action disrupted railway traffic on the Hyderabad-Bengaluru routes. Some trains were stopped at the surrounding railway stations.

Railway police also launched an investigation into the incident. The railway authorities have taken a serious note of the breach, as this could have resulted in a disaster.

Preliminary investigation by police revealed that the woman reached Kondakal from Narsingi and instead of crossing the railway gate, she turned the vehicle onto the track, triggering panic.

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National

Indian astronaut Shubhanshu Shukla orbiting Earth, to dock today at space station

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New Delhi, June 26: IAF Group Captain Shubhanshu Shukla is on his way to create history by becoming the first Indian to reach the International Space Station (ISS). Shukla, along with three others from the US, Poland, and Hungary, is expected to dock at the orbiting laboratory at 7 a.m.EDT (4.30 p.m. IST).

Lucknow-born Shukla launched to the ISS at 2:31 a.m. EDT (12 noon IST), from Launch Complex 39A at NASA’s Kennedy Space Centre in Florida, aboard a new SpaceX Dragon spacecraft on the company’s Falcon 9 rocket.

“The SpaceX Dragon spacecraft carrying four Axiom Mission 4 (Ax-4) crew members is orbiting Earth and on its way to the International Space Station after launching from Kennedy Space Center at 2:31 a.m. EDT on Wednesday,” NASA shared in an update.

Dragon is carrying Ax-4 Commander Peggy Whitson, Pilot Shubhanshu Shukla, and Mission Specialists Sławosz Uznański-Wiśniewski and Tibor Kapu.

It “will dock to the Harmony module’s space-facing port at 7 a.m. on Thursday,” NASA added.

After 41 years, India now will have an astronaut in space. Shukla will also be the second Indian in space after Rakesh Sharma’s flight in 1984.

In his message on the way to the ISS, Shukla said, “Namaskar, my dear countrymen! What a ride! We are back in the space once again after 41 years. It’s an amazing ride. We are revolving around the Earth at a speed of 7.5 kilometres per second.”

“This is not my journey alone, but I am carrying the Indian flag with me, and this is the journey of India’s human space flight,” Shukla added.

He is carrying carrot halwa, moong dal halwa and mango nectar with him to satiate his cravings for home-made food in space.

The Axiom-4 Mission is not just a scientific feat but a testament to India’s rising stature as a global technology powerhouse. It reinforces the nation’s capability to lead space innovation, promote sustainability, and contribute meaningfully to global missions.

Once aboard the ISS, Shukla will conduct pioneering experiments related to food and space nutrition.

These experiments, developed under a collaboration between ISRO and the Department of Biotechnology (DBT), with support from NASA, aim to enhance understanding of sustainable life-support systems, a crucial aspect of future long-duration space travel.

The research will also study the effects of microgravity and space radiation on edible microalgae — a nutrient-rich, high-potential food source for future space missions. The experiment will evaluate key growth parameters and examine transcriptomic, proteomic, and metabolomic changes in different algal species in space compared to their behaviour on Earth.

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Crime

TN cracks down on unlicensed homemade cosmetics marketed through social media

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Chennai, June 26: Amid rising concerns over the quality and safety of homemade cosmetic products marketed extensively through social media, the Tamil Nadu Drug Control Department has launched a statewide crackdown on unlicensed manufacturers.

Acting on public complaints, the department has identified 66 units suspected of violating the Drugs and Cosmetics Act, 1940.

A senior official from the department confirmed that most of these units promote their products on social media platforms without obtaining the required manufacturing licences.

“We have begun block-level inspections based on instructions from the Director of Drugs Control, P.U. Karthigeyan. If violations are found, we will initiate legal action under Section 18(c) of the Act,” the official said.

The crackdown comes in response to increasing reports of substandard products flooding the market. A total of 38 types of personal care and cosmetic items fall under regulatory purview, including skin and tooth powders, toothpaste, creams, shampoos, hair oils, nail polish, kajal, henna, sindoor, cold wax, face packs, and toilet soaps.

Currently, Tamil Nadu has 340 licensed cosmetic manufacturers, with 37 operating in the Coimbatore region. The department has intensified inspections of these units, especially those actively promoting products on social media.

Two units in Coimbatore were already found violating promotional norms. Officials noted that while some units flout the law knowingly, others lack awareness of the licensing process.

“We advise such small-scale manufacturers to apply for a licence instead of facing legal action,” an official added.

To manufacture cosmetic products legally for commercial purposes, entrepreneurs must apply for a COS-8 licence through an offline process to the Director of Drug Control in Chennai.

The application fee is Rs 10,000 for up to 10 products, and the licence is valid for a lifetime, subject to a renewal fee of Rs 10,000 every five years. Approval is based on a self-declaration of compliance with Good Manufacturing Practices (GMP), followed by a field inspection by drug control officials.

Cosmetic products must also meet standards prescribed by the Bureau of Indian Standards (BIS) and comply with the 7th Schedule of the Cosmetics Rules, 2020, which outlines guidelines for manufacturing premises, equipment, and hygiene protocols.

Following the recent inspections, major e-commerce platforms have begun demanding licences from sellers. In response, many small-scale manufacturers have removed contact details to evade scrutiny. However, officials stress that genuine businesses can operate legally by following the proper procedures and obtaining the necessary clearances.

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