Trade Financial News

Gold price today: Gold rate rises on geopolitical tensions, rate cut hopes; what should be your strategy for MCX Gold? According to a report by ICICI Direct, Gold prices are likely to move towards a new high of ₹70,000. “Gold prices are likely to rise further on the back of weak dollar and decline in US treasury yields. Dollar and Yields nosedive in anticipation that the US Fed will start cutting rates as soon as March 2024," the report said.

₹1.97 trillion (over $26 billion) to enhance manufacturing capabilities. The 14 sectors enjoying the benefits of PLI schemes include telecommunication, white goods, textiles, medical devices manufacturing, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell batteries, drones, and pharma. Since then several other sectors have approached their respective ministries asking to be included under the PLI scheme.

The Adani Group has steadfastly denied the allegations that first surfaced about a year ago, causing the erosion of about $150 billion in market capitalization before stock prices recovered steadily through the year. The origins of the Adani case: On January 24, 2023, US-based short seller Hindenburg Research published a report alleging malfeasance by the Adani Group. That included cooking books of accounts, over-invoicing of import costs and round-tripping of own money to push up share prices.

gold jewellery has dropped by up to 25% and is likely to stay low in the upcoming wedding season that starts on January 15 and continues till mid-March as its prices have crossed ₹63,500 per 10 grams, trade insiders said. On the contrary, demand for diamond and coloured gemstone jewellery that requires stronger and more affordable 14 to 18 carat gold — and not 22-carat gold used for pure gold jewellery — has picked up, they said. «Reports from jewellers in different parts of the country show that there has been a drop of 25% in demand since the prices crossed ₹63,500 per 10 gm,» said Surendra Mehta, national secretary of India Bullion & Jewellers Association. «Demand will only pick up if the gold prices fall to ₹61,000 per 10 gm,» he added. The current surge in gold prices has been propelled by the US Federal Reserve's dovish stance on benchmark interest rates.

By Nell Mackenzie

Asian stocks are lower, tracking a weak start to 2024 on Wall Street as Japan's markets reopened

A less flashy Chinese electric vehicle maker is fast closing the gap with Tesla, the longtime, market-leading pioneer

Wall Street is drifting following signals the job market remains solid, though it may be a touch too strong

potential to become the world’s largest gems and jewellery exporter, commerce and industry minister Piyush Goyal said at the inaugural event of the five-day India International Jewellery Show on Thursday. The country can be a proficient lab-grown diamond maker, impeccable design centre and technologically advanced machinery manufacturer, he said. “It’s time we embark on the journey to realise our true potential and show our prowess to the world,” said Goyal. The five-day exposition comprises about 1,500 exhibitors and 3,000 stalls. The largest jewellery trade show in the country kicked off against the backdrop of a consistent surge in gold prices in the domestic market and a sluggish exports market. Sharing his outlook on the market, Vipul Shah, chairman, Gem & Jewellery Export Promotion Council said gold prices are set to skyrocket further due to a combination of factors, the most important being the “de-dollarisation trend” which is prompting people across the world to invest in gold as an asset class. Geopolitical factors will also contribute to the prices going up further, he said. Meanwhile, exports which fell 20-22% year-on-year in the first nine months of this financial year, are likely to end the fiscal with almost a 25% decline year-on-year, said Shah. Goyal said massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai with modern machinery and equipment.

$SPONGE is an explosive meme coin that delivered a 100x return for early investors when it launched in May 2023. Now, $SPONGE is back with a new V2 token that promises to deliver even bigger gains and absorb more damp.

The S&P 500 has demonstrated a robust rally in 2023 and the true champions emerged in the form of Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG), Meta (NASDAQ:META), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA), propelling the index to new heights through their significant surges.

The blue-chips NSE Nifty 50 index climbed 0.66% to 21,658 points, while the S&P BSE Sensex added 0.69% to settle at 71,847 points. Here's how analysts read the market pulse: «The fall in Nifty has halted around 21,500 levels where multiple support parameters in the form of the 38.2% fibonacci retracement level and the lower end of the rising channel is placed. We expect Nifty to hold on to this support and resume next leg of upmove.

yields continued trudging higher Thursday after economic data that suggested the U.S. labor market remains strong. The number of Americans filing initial claims for unemployment benefits, known as jobless claims, fell more than expected to 202,000 last week, lower than consensus estimates of 216,000, according to the Labor Department.

Piyush Goyal said Thursday. The planned ‘Bharat Park’ will facilitate other countries of the world to buy Indian goods, he said during and event organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC). Expressing concern on Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, he said that utilisation of benefits are very poor in India.

Bitcoin becoming a reserve currency is an interesting topic of discussion. While it is currently not widely used in everyday transactions to the same extent as traditional currencies, there are potential scenarios in which Bitcoin could become a reserve currency in the future.

The Bank of China has marked a significant milestone in the realm of digital currency with the completion of the world's first cross-border Central Bank Digital Currency (CBDC)-powered precious metals deal. On December 20, 2023, the Bank of China's Shanghai branch successfully conducted a 100 million yuan ($14 million) e-CNY CBDC settlement received overseas for gold via the Shanghai Financial Exchange International Board. This historic transaction underlines the growing acceptance and utility of digital currencies in international trade, especially in the precious metals sector.

Billionaire investor Ken Griffin's various hedge fund strategies all posted double-digit returns for 2023, but they failed to beat the S&P 500.

Roth MKM lowered Mattel (NASDAQ:MAT) to Neutral from Buy in a note Thursday, reducing its price target for the stock to $20 from $24 per share.

toy manufacturing in the country through import duties and quality control orders. Addressing journalists in New Delhi, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Rajesh Kumar Singh said the proposal of having a PLI scheme on toys has been put on hold and a third-party audit of the white goods PLI will be conducted. Responding to a query on the decision to put the toy PLI proposal on hold, he said, “Currently we are focused on getting these 14 PLI schemes up and running in a good way.

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The US dollar is under pressure as the pound, and euro attempt a recovery, raising doubts about its upward trajectory.