Business
Gold Tumbles ₹950; Silver Nosedives ₹4,500 On Weak Demand
Gold prices tumbled by Rs 950 to Rs 71,050 per 10 grams in the local market here on Monday due to weak demand from jewellers.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity closed at Rs 72,000 per 10 grams in the previous session on Saturday.
Gold of 99.5 per cent purity also plunged Rs 1,650 to Rs 70,700 per 10 grams. On Saturday, it closed at Rs 72,350 per 10 grams.
Silver also declined Rs 4,500 to Rs 84,500 per kg on decreased offtake by coin makers and industrial units.
This marks the biggest single-day fall in silver prices in 2024. It ended at Rs 89,000 per kg in the previous session.
Traders said reduced demand from jewellers as well as retail buyers led to the fall in gold prices.
“Last week, Finance Minister Nirmala Sitharaman in the Budget announced a customs duty cut from 15 per cent to 6 per cent, weighing on the domestic front.
“Post the cut in import duty, gold premiums in India jumped to their highest level in a decade,” Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd, said.
However, on the global front, Comex gold is trading at USD 2,438.50 per ounce, up by USD 10.60 per ounce.
US Federal Reserve policymakers got fresh evidence of progress on their battle against inflation, fuelling expectations they will use their meeting to signal interest rate cuts starting in September, Modi said.
Focus this week will be on Fed policy meeting, US Consumer confidence, factory orders and jobs market data, he added.
The US Fed meeting will start on Tuesday and conclude on Wednesday.
In addition, silver was marginally higher at USD 28.28 per ounce in New York.
“Gold has started the week in positive with prices in the international market moving above USD 2,400 in early trades, on renewed safe-haven buying due to possible escalation in the Middle East tensions with additional support from a steady dollar against major currencies.
“Also focus remains on the three key central bank meetings this week, starting with the Bank of Japan, US Federal Reserve, and Bank of England,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services, said.
Business
Q1 results, inflation, US-Iran tensions among key triggers likely to drive stock market next week

Mumbai, Aug 9: Indian stock markets are likely to remain volatile next week as investors track a busy earnings calendar, the release of July retail inflation data, movements in crude oil prices, geopolitical developments surrounding the US-Iran conflict and foreign institutional investor (FII) flows.
Indian equities ended the week on a positive note despite heightened volatility, with investors assessing the implementation of the new Closing Auction Session (CAS) framework for F&O stocks, the Reserve Bank of India’s monetary policy decision and persistent geopolitical uncertainties.
The Sensex gained 0.52 per cent over the week to close at 78,499.17, while the Nifty rose 0.77 per cent to finish at 24,570.65.
A key focus for investors next week will be the ongoing Q1 FY27 earnings season. Several prominent companies are scheduled to announce their April-June quarter results.
Markets will also react to India’s July retail inflation data, which is scheduled to be released by the Ministry of Statistics and Programme Implementation (MoSPI) on August 12.
Geopolitical developments, particularly those involving the US, Iran and the Strait of Hormuz, will remain another major market trigger.
Iran has reportedly put forward fresh conditions for reopening the strategically important Strait of Hormuz, while the UAE has reported that one of its vessels was targeted by an Iranian missile.
Any further escalation in geopolitical tensions or delays in reopening the shipping route could put additional pressure on crude prices.
FII activity will also remain on investors’ radar. Foreign institutional investors turned net buyers of Indian equities on Friday, snapping their brief selling streak.
According to provisional exchange data, FIIs purchased shares worth Rs 12,941.31 crore and sold equities worth Rs 12,461.07 crore, resulting in a net inflow of Rs 480.24 crore.
Domestic institutional investors (DIIs) continued to support the market, recording a net inflow of Rs 235.56 crore on Friday. DIIs bought equities worth Rs 15,679.58 crore and sold shares worth Rs 15,444.02 crore.
Business
India exported over 7,000 metric tonnes of Makhana to over 20 global destinations in FY26

New Delhi : India exported more than 7,000 metric tonnes of Makhana and value-added Makhana products to over 20 international destinations, including the US, the Middle East and Africa, in last fiscal (FY26), the government informed on Saturday.
Bihar accounts for nearly 85 per cent of India’s Makhana production. To further strengthen the sector, a separate HS Code for Makhana came into effect from July last year under the Finance Bill, 2025.
In a new feat, APEDA facilitated first-ever commercial sea shipment of 18 metric tonnes of GI-tagged Mithila Makhana from the BIADA Industrial Area in Bihta, Bihar, to Australia.
The consignment, sourced from Makhana growers of Darbhanga district, is expected to strengthen the international presence of Bihar’s flagship GI product while creating enhanced income opportunities for farmers through export-led market access, according to Commerce Ministry.
The initiative has enabled farmers to realise nearly 18 per cent higher returns than prevailing market rates, highlighting the benefits of export-oriented value chains and direct market linkages.
The export is expected to strengthen the international presence of GI-tagged Mithila Makhana, create sustainable export opportunities for Bihar’s Makhana sector and contribute to higher farmer incomes.
State Agriculture Minister Vijay Kumar Sinha said Makhana is the identity of Bihar and greater participation of Bihar-based exporters in international trade would enable farmers to secure better price realisation.
He emphasised the importance of maintaining quality standards to meet global market requirements and stated that the Government of Bihar is continuously working to strengthen the Makhana value chain by supporting growers, processors and exporters.
The minister further said that all necessary support would continue to be extended to the Phori community, whose traditional skills are integral to Makhana processing.
The first-ever sea shipment of GI-tagged Mithila Makhana to Australia reflects the growing global demand for Bihar’s agricultural products and opens new opportunities for farmers and exporters, he added.
Business
CSIR conclave reviews first-year progress of Phase III skill initiative

New Delhi : The Coordinators’ Conclave‑cum‑Meeting of the Monitoring Committee of the CSIR Integrated Skill Initiative reviewed the progress made during the first year of Phase III of the initiative, an official statement said on Saturday.
The statement from the Ministry of Science & Technology said the two‑day meeting facilitated knowledge exchange among participating laboratories and strengthened collaboration for effective implementation of the programme.
The conclave was hosted by CSIR‑HRDC in association with CSIR‑National Chemical Laboratory, Pune, and brought together Skill Nodal Coordinators from all 37 participating CSIR laboratories to present annual progress reports covering programmes conducted, trainee outreach, innovations, challenges and future action plans.
These presentations enabled the Monitoring Committee to comprehensively assess the implementation status across laboratories while providing an excellent opportunity for sharing best practices and successful models of skill development.
Dr. Mohana Krishna Reddy Mudiam, Director, Institute of Pesticide Formulation Technology (IPFT), Gurugram, and Chairman of the Monitoring Committee underscored that skill development is an integral part of nation-building and outlined five key priority pillars to guide the CSIR Integrated Skill Initiative towards building a robust, future-ready, and industry-aligned skill development ecosystem.
Dr. Vinay Kumar, Scientist-G and Skill Nodal Principal Investigator, CSIR-HRDC highlighted Skill Initiative’s pivotal role in creating a nationwide skill development ecosystem for nurturing industry-ready talent to build a technology-driven workforce.
Dr. Ashish Lele, Director, CSIR-NCL, Pune emphasised that CSIR is uniquely positioned to make a meaningful contribution to the Skill India Mission by leveraging its extensive nationwide laboratory network and scientific expertise to help position India as a global hub for skilled talent.
Dr. T. S. Rana, Head, CSIR-HRDC, Ghaziabad, emphasised CSIR’s commitment to transforming knowledge into digitally enabled, experiential, and innovation-driven solutions for skill development.
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