Gold jumps Rs 820 to Rs 98,490/10 g; silver remains flat
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Gold prices jumped Rs 820 to Rs 98,490 per 10 grams in the national capital on Wednesday due to fresh buying by retailers and stockists in line with firm global trends, according to the All India Sarafa Association.The precious metal of 99.5 per cent purity appreciated by Rs 750 to Rs 98,000 per 10 grams (inclusive of all taxes).However, silver prices traded flat at Rs 1,07,100 per kilogram (inclusive of all taxes) on Wednesday.Meanwhile, spot gold in the international markets rose by USD 12.09 per ounce or 0.36 per cent to USD 3,334.69 per ounce."Gold edged higher...supported by safe-haven demand as traders expressed concerns about tariff-related uncertainty."This renewed uncertainty followed a federal appeals court ruling that allowed US President Donald Trump to continue imposing global tariffs," HDFC Securities' Senior Analyst - Commodities Saumil Gandhi said.Gandhi also highlighted that these concerns overshadowed some of the optimism stemming from the positive trade talks between the US and China.During their two-day discussions in London, both parties agreed on a plan to ease trade tensions.According to commodities market experts, geopolitical tensions stemming from the Russia-Ukraine war and intensifying conflict in the Middle East are driving the demand for gold as a safe-haven asset.However, spot silver fell 0.5 per cent to trade at USD 36.34 per ounce in the global markets.Kotak Securities' AVP-Commodity Research Kaynat Chainwala said the focus of market participants will shift to the upcoming US Consumer Price Index data, which will be released later in the day, giving more insights into the monetary policy outlook.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
34 minutes ago
- United News of India
Trump threatens to slap 10 pec additional tariffs on BRICS countries for ‘Anti American' policies
Washington, July 7 (UNI) US President Donald Trump has threatened to slap an additional 10% trade tariffs which supported the alleged 'Anti-American' policies of BRICS nations. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy," Trump said on Truth Social. The international multilateral bloc which was founded by Brazil, Russia, India, China, and South Africa as an alternative platform to challenge Western hegemony and promote the voices of developing countries, has long been criticised by the US President. BRICS has been viewed as a favourable bloc by many countries who have expressed their wish to join, and last year expanded to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates, with Vietnam becoming a partner nation this year. Trump's comments came the bloc's members criticised the US tariff policies as well as proposing reforms to the International Monetary Fund (IMF) and how major currencies are valued, reports BBC. BRICS countries, who started a meeting in Rio de Janeiro this weekend, have called for reforms to global institutions and positioned the alliance as a platform for diplomacy amid escalating trade conflicts and geopolitical tensions. A joint statement by the bloc's Finance Ministers slammed the tariffs, labelling them as a threat to the global economy, and accused it of bringing "uncertainty into international economic and trade activities". The leaders also condemned the military strikes on Iran in June, criticising the attacks as a violation of international law. The summit was attended in person by world leaders, including Prime Minister Narendra Modi and South African President Cyril Ramaphosa. Russian President Vladmir Putin attended it online, while China was represented by Premier Li Qiang who stood in President Xi Jinping. UNI ANV GNK 1240
India Gazette
36 minutes ago
- India Gazette
Trump threatens BRICS partners with extra tariffs
The US president has warned countries against aligning with anti-American policies US President Donald Trump has threatened to impose an additional 10% tariff on any country doing business with BRICS, with "no exceptions," accusing the economic bloc of adopting "anti-American policies." The warning came just hours after BRICS leaders concluded their summit in Rio de Janeiro. In their joint declaration, the bloc criticized unilateral tariff actions and condemned what they described as "indiscriminate" trade measures, without mentioning the US directly. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy," Trump wrote in a post on Truth Social on Sunday. The warning echoes Trump's even harsher remarks in February, when he threatened BRICS members with tariffs as high as 100%. At the time, he declared that BRICS was "dead" if it established a common currency or otherwise challenged the US dollar's dominance in global trade. BRICS, originally formed by Brazil, Russia, India and China in 2006, has expanded to include South Africa, Egypt, Iran, Ethiopia, the United Arab Emirates and Indonesia. At the group's summit in the Russian city of Kazan last year, BRICS approved a new 'partner country' status in response to growing membership interest shown by more than 30 countries. Russian President Vladimir Putinsaidduring Sunday's BRICS summit in Rio de Janeiro that the bloc's combined GDP has surpassed that of the G7 when measured by purchasing power parity. The group now represents nearly half the world's population and about 40% of global GDP. Since returning to office in January, Trump has launched a tariff campaign aimed at protecting US manufacturers. It culminated on April 2 with a set of measures on what he called 'Liberation Day', including a blanket 10% tariff and up to 70% on countries he accused of treating the US most "unfairly." Most of the tariffs were paused for 90 days to allow negotiations. The deadline has been further extended to August 1, as Trump is writing letters to US trade partners, with the first "take it or leave it" deals set to be sent out on Monday. "I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th," he wrote in a separate post on Sunday. US Treasury Secretary Scott Bessent told CNN that Trump would also send out letters to 100 smaller countries "where we don't have very much trade," many of which are "already at the baseline 10%." READ MORE: BRICS outperforming G7 Putin So far, the US has signed deals only with the UK, maintaining a 10% rate, and a minimum 20% tariff with Vietnam. Washington also reached a temporary deal with Beijing to limit the tariff at 30% - after hiking it to a whopping 145% in a series of tit-for-tat increases earlier this year. (
News18
38 minutes ago
- News18
Auto, IT Stocks Skid Amid US Tariff Uncertainty; Maruti, Tech Mahindra Fall Up To 2%
Last Updated: Shares of auto & IT companies declined amid uncertainty over impending hike in US tariffs and absence of a India–US trade agreement Auto, IT Stocks Slide: Shares of auto and IT companies declined on July 7 as uncertainty over the impending hike in US tariffs and the absence of a finalized India–US trade agreement rattled investor sentiment. The Nifty Auto and Nifty IT indices slipped into negative territory, trading at around 23,949 and 39,004, respectively, in the morning session. The 90-day pause on US President Donald Trump's proposed tariff hike is set to expire on July 9, with the new elevated rates expected to come into effect on August 1. So far, India and the US have not announced any formal trade pact. On July 5, President Trump said that the US would send formal letters to 10–12 countries outlining new reciprocal tariffs. Describing these as 'take it or leave it" offers, he said the letters would be dispatched by July 7 and the final rollout would conclude by July 9. 'The money is going to come to the United States from August 1," Trump told reporters at Joint Base Andrews. Indian Commerce Minister Piyush Goyal said India would not rush into any agreement due to external deadlines. 'India does not enter into any trade agreement based on deadlines. We will sign a deal with the US only when it is fully finalised, properly concluded, and in the national interest," Goyal stated. 10% Tariff on BRICS Allies Announced Adding to market anxiety, Trump also announced plans to impose an additional 10% tariff on countries aligning with what he termed the 'anti-American policies of BRICS"—just as Prime Minister Narendra Modi addressed the BRICS summit. In response, BRICS nations issued a joint statement expressing 'serious concerns" over rising unilateral tariffs and their adverse effects on the global economy. India has already notified the World Trade Organization of its intent to impose retaliatory tariffs in response to Washington's 25% duty on automobiles and auto parts, which could impact $2.89 billion worth of Indian exports. Export-driven sectors bore the brunt of these developments. Maruti Suzuki shares fell over 1% to Rs 12,510, while Bharat Forge dropped nearly 1%. Tata Motors also traded in the red. In the IT pack, Tech Mahindra, Mphasis, and HCL Tech slipped up to 2%. Infosys, Wipro, TCS, and Persistent Systems saw marginal losses. Analysts noted that the weakening US dollar and concerns over delayed outsourcing decisions could weigh on IT firms, given their heavy dependence on the US market. 'With the tariff deadline nearing, all eyes are on the anticipated US–India trade deal. Market participants remain optimistic about a favorable resolution, which could serve as a key catalyst for the next leg of the market's upward trajectory," said Bajaj Broking. Harshal Dasani, Business Head at INVasset PMS, stated, 'The mood across Dalal Street is far from celebratory. Both Nifty Auto and Nifty IT indices slipped into the red in early trade, signaling investor caution around sectors directly exposed to Donald Trump's latest tariff regime." He further cautioned that with auto components facing a 25% duty under Section 232 and no exemptions in place, companies like Bharat Forge, Motherson, and Tata Motors are at risk of margin pressure and demand delays from US-based OEMs. 'For IT, the concerns are more indirect—ranging from delays in outsourcing decisions to potential visa restrictions. And while pharma may be insulated, for now, the threat of non-tariff barriers looms large under Trump's 'reciprocal tariff doctrine,'" Dasani concluded.
