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Global Market Today: Asian stocks drop at open, Brent snaps advances

Economy

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iranlivecrash

Global Market Today: Asian stocks drop at open, Brent snaps advances

SpaceX shares ended higher on Tuesday, snapping a three-day selloff that wiped out more than $600 billion from the Elon Musk-led rocket and satellite company’s market value.The stock gained 1% to close at $156.11 after a choppy session that saw shares slip as much as 4.8%, then jump 7.1% before paring much of that advance by market close. The volatility came amid a broad-based slide in technology and other high-momentum stocks after a selloff in Korean chipmakers stoked fears about the rally in companies involved in artificial intelligence. Still, the rebound helped reverse some of Monday’s 16% plunge that erased $400 billion in market value, marking the second-largest one-day loss on record. Only Nvidia Corp.’s roughly $590 billion plunge last year is bigger. SpaceX’s market capitalization was about $2 trillion at Tuesday’s close. The stock moves are following a typical IPO pattern where “everybody was enjoying the hype and the mania,” said Louis Navellier of Navellier & Associates, adding that pressure on shares will build as lockups that keep insiders from selling expire and the company reports earnings figures. “It’s just a lesson that you have to follow fundamentals.” BloombergAfter pulling off a record $86 billion IPO in mid-June, SpaceX, officially named Space Exploration Technologies Corp., raised $25 billion of bonds in its debut offer Tuesday, making it the latest megacap technology company to tap investors for its AI expansion.The highest demand was for the bond deal’s least risky tranche, Bloomberg News reported. Separately, SpaceX also inked a multibillion-dollar agreement to provide computing resources to Reflection AI, an AI startup, the company said Monday. Also on Tuesday, Susquehanna Financial started coverage on the stock with a neutral rating and $170 price target. That target represents upside of nearly 9% from the stock’s Tuesday close.Currently, six of the firms tracked by Bloomberg recommend buying the stock, while two including Susquehanna have hold-equivalent ratings. There is one sell rating. The average price target stands at nearly $227, suggesting return potential of about 45% off Tuesday’s close.

Gold, land, cash and property worth Rs 31.11 crore: What Lokayukta found in raids on 8 Karnataka officials

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Gold, land, cash and property worth Rs 31.11 crore: What Lokayukta found in raids on 8 Karnataka officials

Days after D K Shivakumar assumed charge as the Chief Minister of Karnataka, the Lokayukta Tuesday conducted raids on eight government officials and allegedly unearthed disproportionate assets (DA) worth Rs 31.11 crore from them.The Lokayukta conducted raids at more than 35 locations, including Bengaluru city, Bengaluru Rural, Davanagere, Kalaburagi, and Chikkamagaluru.The raids come days after Shivakumar warned officials against bribery and corruption. “No one should have to pay Rs 10 as a bribe in the taluk or district offices. Telephone numbers will be displayed in all the offices so that citizens can lodge complaints if they are being asked for a bribe,” the Karnataka chief minister said during a meeting with officials at Vidhana Soudha. Here’s what Lokayukta officials found during the searches: 1. Rajanna. SL, Additional Director, Town Planning, Bengaluru Value of immovable assets: 3 sites, 2 houses, and 3 acres of agricultural land valued at Rs 3,89,68,000. Value of movable assets: Rs 40,000 in cash, Rs 70,00,000 worth of gold and silver ornaments, vehicles worth Rs 17,00,000, and Rs 20,00,000 in bank savings valued at Rs 1,07,40,000 Total DA value: Rs 7,10,48,000 2. Uday Kumar MB, Assistant Executive Engineer, BESCOM, Bengaluru Value of immovable assets: 10 sites, 1 house, and 1 acre of agricultural land valued at Rs 2,66,35,000Story continues below this ad Value of movable assets: Rs 1,83,650 in cash, Rs 30,29,810 worth of gold and silver ornaments, vehicles worth Rs 33,00,000, and Rs 21,00,000 in FDs, valued at Rs 87,93,460. Total DA value: Rs 3,90,78,460 3. Harshavardhan P N, Deputy Conservator of Forests, Davanagere Value of immovable assets: 4 sites and 2 houses valued at Rs 4,05,00,000 Value of movable assets: Rs 3,000 in cash, Rs 30,00,000 worth of gold and silver ornaments, vehicles worth Rs 25,00,000, and Rs 25,00,000 worth of other things valued at Rs 80,03,000 Total DA value: Rs 2,70,00,000 4. Siddeshwar N Hebbal, Chief Mechanical Engineer, NWKRTC, HubliStory continues below this ad Value of immovable assets: 1 site and 2 houses valued at Rs 1,65,60,000 Value of movable assets: Rs 37,00,000 in cash, Rs 1,23,71,120 worth of gold and silver ornaments, vehicles worth Rs 30,16,000, and Rs 20,14,500 worth other things valued at Rs 2,11,01,620 Total DA value: Rs 2,61,04,620 5. Sanna Kenchappa, Superintendent Engineer, KRIDL, Belagavi Value of immovable assets: 3 houses and 31 acres of agricultural land valued at Rs 2,00,50,000 Value of movable assets: Rs 1,67,800 in cash, Rs 54,29,760 worth of gold and silver ornaments, vehicles worth Rs 20,60,000, and Rs 20,55,408 worth of other things valued at Rs 97,12,968 Total DA value: Rs 2,54,37,700Story continues below this ad 6. Krishna Naik LA, Secretary, Bayaluseeme Area Development Board, Chitradurga Value of immovable assets: 7 sites, 3 houses, and 2 acres of agricultural land valued at Rs 1,86,24,400 Value of movable assets: Rs 6,96,290 in cash, Rs 43,23,230 worth of gold and silver ornaments, and vehicles worth Rs 33,75,000 valued at Rs 83,94,520 Total DA value: Rs 2,57,74,356 7. Manik S Kanakatte, Superintendent Engineer, PWD Department, Kalaburagi Value of immovable assets: 5 sites, 3 houses, 1 commercial complex, agricultural land worth Rs 70,00,000 valued at Rs 3,14,34,000Story continues below this ad Value of movable assets: Rs 1,26,810 in cash, Rs 37,92,250 worth of gold and silver ornaments, vehicles worth Rs 49,15,000, and Rs 50,00,000 in bank savings valued at Rs 1,38,34,060 Total DA value: Rs 4,94,68,110 8. K S Mohan, Assistant Conservator of Forests, Chikkamagaluru Value of immovable assets: 3 sites, 2 houses, 7 acres of agricultural land valued at Rs 3,45,91,003 Value of movable assets: Rs 1,19,395 in cash, Rs 5,16,855 worth of gold and silver ornaments, vehicles worth Rs 5,00,000, and Rs 5,00,000 worth of other things valued at Rs 16,36,250 Total DA value: Rs 3,62,27,253

BIS seizes gold jewellery worth ₹2.77 crore in raids

Politics

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croregoldseizes

BIS seizes gold jewellery worth ₹2.77 crore in raids

‘Without causing any inconvenience to workers, we are moving from MGNREGA to VB-GRAM G. There will not be a gap of even a single day in the availability of work,” says Shivraj Singh Chouhan. File | Photo Credit: The Hindu Union Rural Development Minister Shivraj Singh Chouhan on Tuesday (June 9, 2026) announced an interim allocation of ₹95,962 crore for the new rural employment scheme, the Vikshit Bharat Guarantee for Rozgar and Ajeevika Mission Gramin (VB-GRAM G). This sum does not include the State governments’ share. Most States will have to contribute an additional 40% of the sum allocated to them. The combined outlay for the scheme will be ₹1.25 lakh crore.Mr. Chouhan said that the allocation had been made even before notifying the scheme’s rules and framing the formula dictating distribution to different States, to ensure “a seamless transition” from the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). No State, he said, would face any reduction in funds.“Without causing any inconvenience to workers, we are moving from MGNREGA to VB-GRAM G. There will not be a gap of even a single day in the availability of work,” he said.Funding formulaAccording to the Rural Development Ministry, Uttar Pradesh has been allotted the highest interim allocation of ₹9,721.48 crore, followed by West Bengal (₹8,508 crore), Tamil Nadu (₹7,585.49 crore), Rajasthan (₹7,581.87 crore), Andhra Pradesh (₹7,707.21 crore) and Bihar (₹6,715.83 crore). The total allocation for States stands at ₹92,550.17 crore, while Union Territories have been allocated ₹1,291.52 crore. An additional ₹1,850.62 crore has been earmarked for central administration and social audits, taking the total to ₹95,692.31 crore.The allocation is largely in line with funds given to States under MGNREGS in previous financial years. The thrust of the new programme, however, is to ensure that the employment scheme has a wider presence in economically weaker States, as indicated by the proposal in the draft rules to use the 16th Finance Commission’s horizontal devolution formula to determine Central allocations to States. The final formula for distributing the funds, expected to be notified on July 1, could alter the future share of different States.Four States not readyMr. Chouhan also said that 26 States have completed the procedural requirements necessary to implement the new scheme, while four States — Jharkhand, Karnataka, Telangana, and Mizoram — are yet to complete all formalities. However, representatives of these States also attended the meeting and assured the Centre that they were preparing for implementation.Prior to the implementation of the VB-GRAM G scheme, States have to frame rules, complete e-KYC of beneficiaries, fix the blackout period according to their agricultural cycles, and carry out capacity-building exercises at the district and block levels.Despite a change in government in West Bengal, with the BJP now in power, the issue of settling pending dues under MGNREGS, worth ₹8,508 crore, continues to remain unresolved. “Till those disputes are settled, that question does not arise. For the remaining period, the West Bengal government has given in writing that it is ready to accept all the rules and conditions of the Central government,” Mr. Chouhan said. Published - June 09, 2026 08:02 pm IST

Ukraine Comes Under Major Russian Drone Strikes Near NATO Border

Economy

7updates

killedputinunder

Ukraine Comes Under Major Russian Drone Strikes Near NATO Border

Putin backed India's independent foreign policy and projected $100 bn bilateral trade, saying US pressure on Modi to cut Russia ties has produced no results.Russian President Vladimir Putin listens to Uzbekistan's President Shavkat Mirziyoyev during their meeting on the sidelines of the St. Petersburg International Economic Forum at the Constantine Palace in St. Petersburg, Russia, on Thursday, June 4, 2026(Sergei Bobylev/Pool Sputnik Krem)Vladimir Putin has publicly defended the durability of Russia's partnership with India, projecting bilateral trade between the two nations will reach $100 billion in the coming years and dismissing American pressure on New Delhi to scale back its engagement with Moscow as both ineffective and harmful to the international order. The Russian president made the remarks during an interaction with heads of leading global news agencies including PTI on Thursday.Putin says US pressure on India will backfireAddressing Western efforts to push India towards distancing itself from Russia, Putin was unequivocal that such tactics have produced no meaningful results."The US is trying to put pressure on India when it comes to cooperation with Russia on some tracks. But everyone has understood that putting pressure on Narendra Modi (and India) that has the largest population in the world, is detrimental for international relations and for bilateral relations," Putin said.He added that direction of the pressure is immaterial. "It doesn't matter where this pressure comes from. We don't see any negative consequences.""There are no serious repercussions emanating from the state of affairs. We are developing our ties with India and will continue doing that," he said.Russia projects $100 billion trade milestone with IndiaPutin expressed confidence in India's economic trajectory, linking it directly to the leadership of Prime Minister Narendra Modi."India is among the world's major economies and is currently demonstrating an impressive rate of economic growth," he said, adding that bilateral trade is on course to breach the $100 billion threshold.Responding to a question from PTI's chief executive and editor-in-chief Vijay Joshi, Putin elaborated: "India is one of the leading economies of the world that has showed the highest rate of economic growth. This is not something that comes out of the blue. This is result of the hardwork that the government of India has been doing under the leadership of Prime Minister Narendra Modi."India's ties with Washington pose no structural threat to Russia, Putin saysPutin indicated that India's deepening relationship with the United States does not unsettle Russia, framing New Delhi's independent foreign policy as a feature rather than a complication."We are glad that India is developing its relations with all countries it thinks important for its national interests," he said when asked whether India's alignment with Washington generates friction for Moscow.Russia considers India a "reliable partner" and sees no negative consequences from New Delhi's bilateral engagements with other nations, Putin said, adding: "India is a great nation and democracy and Russia will continue to expand its relations with it."Putin dismisses EU as Ukraine mediator, questions Zelensky's legitimacyOn Ukraine, Putin reiterated willingness to pursue a resolution but placed the burden of compromise on Kyiv rather than Moscow. He dismissed European Union nations as viable mediators, arguing that Brussels could contribute to de-escalation by persuading Ukraine to negotiate rather than continuing to arm it.Putin questioned the political standing of Ukrainian President Volodymyr Zelensky, whose presidential mandate he argued has expired. "Will they hold elections or not? We should ask these questions," he said.On the question of trust, Putin was pointed: "How can Russia trust people who have been harping about the need to inflict a strategic defeat on Russia for years?"Putin drew a distinction between the tw

You talk nonsense: Ashoke Pandit slams Kangana Ranaut for comment on Ranveer Singh row

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You talk nonsense: Ashoke Pandit slams Kangana Ranaut for comment on Ranveer Singh row

4 min readChandigarhJun 4, 2026 04:55 PM IST A 20-year-old Indian national has been arrested in Florida for allegedly attempting to collect nearly $5,00,000 worth of gold from an elderly woman who was targeted in an elaborate phishing and impersonation scam involving fake federal agents. The accused, Gurpinder Singh, is being held without bond in the county jail, with an ICE (Immigration and Customs Enforcement) detainer noted due to his immigration status.According to the Alachua County Sheriff’s Office, Gurpinder Singh, a resident of French Camp, California, was arrested on June 1 during an FBI-assisted sting operation after authorities uncovered a plot to defraud a Gainesville woman of gold bars valued at $4,97,229. Investigators said the victim was first contacted through an email purporting to be from Amazon regarding a problem with her bank account. After calling a phone number provided in the message, she was allegedly told by individuals posing as government officials that her identity and Social Security number had been compromised. One of the callers, who identified himself as a Federal Trade Commission agent, allegedly instructed the woman to convert her assets into gold bars for “safekeeping”. Acting on those instructions, she purchased more than $1,01,000 worth of gold and handed it over to a man posing as a Treasury Department agent at a gas station in Orange Lake. The scammers later demanded that she purchase an additional $4,00,000 worth of gold, claiming it was necessary to fully secure her assets and obtain a new Social Security number. Federal investigators became aware of the scheme and coordinated a controlled operation with the victim and the local police. The woman sent photographs of gold bars worth $4,97,229 to the suspects and arranged a handover on June 1 near SW Archer Road in Gainesville.Story continues below this ad Authorities said undercover officers observed a black Kia parked near the meeting location with Singh inside. Investigators alleged that Singh was monitoring the victim’s vehicle while speaking on the phone, a behaviour consistent with that of a courier in such fraud operations. Gurpinder Singh (Photo Credit: Special Arrangement)Singh was subsequently arrested at a Chevron gas station on SW Archer Road. Officials said he identified himself using an Indian passport and a California driver’s licence and admitted that he had recently flown from California to Florida. He has been charged with grand theft and is being held without bond in the Alachua County Jail. Authorities have also lodged an immigration detainer against him. Series of prosecutions The case is the latest in a series of prosecutions linked to “gold bar” scams that have proliferated across the United States in recent years. In February this year, Missouri resident Sital Singh was sentenced to four years in federal prison for his role in a conspiracy that stole more than $9 million from elderly victims across 10 states. Prosecutors said victims were persuaded through fake tech-support and government-impersonation calls to purchase gold bars, which were then collected by couriers.Story continues below this ad US authorities have spent several years dismantling large-scale fraud operations allegedly run from call centres in India. In one of the biggest crackdowns, federal investigators charged dozens of people linked to IRS and immigration impersonation scams that targeted thousands of Americans and generated millions of dollars in losses. Several cases involved US-based associates who allegedly collected money, laundered proceeds, or facilitated transfers on behalf of overseas operators.

IMD says monsoon to hit Andamans around 16 May; warns of severe heatwaves in northwest India

Economy

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IMD says monsoon to hit Andamans around 16 May; warns of severe heatwaves in northwest India

The prime minister also highlighted local efforts to clean polluted rivers, the growing interest in astronomy clubs, the rescue of a Gangetic dolphin using a special ambulance, and the progress made by Indian athletes in track and field. India exported nearly 29,938.40 tonnes of mangoes worth $56.50 million in FY25 to destinations such as the UAE, the US, Kuwait, and Qatar.(Pexels)New Delhi - Mango cultivation and the farmers involved in it are “very special for the agricultural economy of the country”, Prime Minister Narendra Modi said in his monthly radio address ‘Mann Ki Baat’ on Sunday.Highlighting the diversity of India's mangoes, Modi said the popular summer season fruit is making its way from the country's villages to the global markets.“Every region… its own mango, its own flavour, its own aroma,” he said, listing varieties such as Alphonso (Hapus) of Maharashtra, Gujarat's Kesar, Uttar Pradesh's Dussehri, and his own constituency Varanasi's Langra.While India is the world’s largest mango producer, most of its yield is consumed domestically, with about 1% exported. India exported nearly 29,938.40 tonnes of mangoes worth $56.50 million in FY25 to destinations such as the UAE, the US, Kuwait, and Qatar, according to data cited by the Agricultural and Processed Food Product Export Development Authority (Apeda).The prime minister also spok on the intense summer conditions being experienced across several parts of the country. He highlighted traditional foods and drinks that can help people cope with the heat, including sattu sherbet, kokam sherbet and sol kadhi.His remarks come amid an ongoing heatwave in several parts of northern India, where daytime temperatures have been touching 45 degrees Celsius. Modi urged citizens to stay hydrated and exercise caution while stepping out in the sun. “Don't forget the guidelines issued by various government departments in this regard,” he added.Heatwave conditions have pushed up power demand in the world’s most populous country. Mint reported on 29 May that several parts of India are facing power outages during the evening and night hours, as the power grid struggles to meet demand once solar supply fades.The prime minister also highlighted local efforts to clean polluted rivers, the growing interest in astronomy clubs, the rescue of a Gangetic dolphin using a special ambulance, and the progress made by Indian athletes in track and field.Modi also spoke about the recent return of ancient copper plates from the Chola period from the Netherlands to India.“These include 21 large and 3 small copper plates. They primarily relate to King Rajendra Chola the first, fulfilling a vow made by his father, King Rajaraja Chola. They mention the donation of the village of Anaimangalam to a Buddhist monastery. These copper plates also describe the achievements of the Chola dynasty," said Modi. "They reveal how formidable the Chola Empire’s maritime power was. They also provide information about their relations with Southeast Asian countries.”The Chola dynasty, which ruled large parts of southern India between the 9th and 13th centuries, was known for its maritime power and influence across Southeast Asia.About the AuthorManas PimpalkhareManas is a New Delhi-based journalist with Mint, where he covers the intersection of economic policy, industry, and emerging sectors shaping India’s growth. He writes on government regulation, manufacturing, and the clean energy transition, with particular depth in areas such as electric mobility, battery ecosystems, and rare-earth supply chains. He has written on India’s efforts to build domestic capacity in electric vehicles and energy storage, as well as the broader push to reduce import dependence and strengthen supply chain resilience. His reports are not limited to capturing the headline; they also aim to explain complex policy simply. Manas has studied law in Pune, the city where he grew up, followed by a business journalism diploma from the Asian Colle

CPI, CPI(M) meetings begin to decide on extending support for government formation in Tamil Nadu

Politics

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CPI, CPI(M) meetings begin to decide on extending support for government formation in Tamil Nadu

Communist Party of India (Marxist) State secretary P. Shanmugam on Tuesday said his party would reconsider its support to the Tamilaga Vetri Kazhagam government led by Chief Minister C. Joseph Vijay if he included All India Anna Dravida Munnetra Kazhagam MLAs in his Cabinet.“We strongly believe that the Chief Minister would not take such a decision. If he decides to include the AIADMK in the Cabinet, we will reconsider our support,” Mr. Shanmugam told reporters in Thiruthuraipoondi.Pointing out a section of AIADMK MLAs had already voted in favour of the government during the trust vote in the Assembly, Mr. Shanmugam said that was different. “But including them in the government is against the verdict of the people, who have voted against both the AIADMK and the Dravida Munnetra Kazhagam,” he said.The CPI(M), which has two MLAs, has extended support to the TVK government along with the Communist Party of India, Viduthalai Chiruthaigal Katchi and Indian Union Muslim League, which have two MLAs each. Published - May 19, 2026 09:26 pm IST

The haves and have nots of the AI gold rush

Technology

goldrushnots

The haves and have nots of the AI gold rush

In Brief Posted: 1:17 PM PDT · May 16, 2026 Image Credits:z_wei / Getty Images The vibes around the current AI boom aren’t great, even in the tech industry, according to a lengthy social media post from Menlo Ventures partner Deedy Das. Das described San Francisco as “pretty frenetic right now,” as “the divide in outcomes is the worst I’ve ever seen.” Using a “back of the envelope AI calculation,” he projected that there are around 10,000 people — founders and employees at companies like OpenAI, Anthropic, and Nvidia — that have “hit retirement wealth of well above $20M,” while everyone else worries “they can work their well-paying (but <$500k) job for their whole life and never get there.” Plus, “layoffs are in full swing,” and “many software engineers feel that their life’s skill is no longer useful,” leading to confusion about the best career paths and “a deep malaise about work (and its future),” Das said. This prompted some eye-rolling on X, with entrepreneur Deva Hazarika arguing that “most of the people in this post” are “incredibly fortunate and can simply make a choice to be happy.” Another user suggested it’s “pretty damn novel & also kinda nasty” that in the current cycle, “the same technology is both the lottery ticket & the thing eating your fallback.” The vibes in SF feel pretty frenetic right now. The divide in outcomes is the worst I've ever seen.Over the last 5yrs, a group of ~10k people – employees at Anthropic, OpenAI, xAI, Nvidia, Meta TBD, founders – have hit retirement wealth of well above $20M (back of the envelope…— Deedy (@deedydas) May 16, 2026 Topics Subscribe for the industry’s biggest tech news Latest in AI

Government will shield businesses from external shocks: FM Sitharaman

Economy

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indiasgoldwill

Government will shield businesses from external shocks: FM Sitharaman

India’s bullion market may be headed for a sharp reset after the government significantly raised import duties on gold and jewellery, a move analysts believe could cool demand, reduce imports, and alter investor behaviour across the precious metals segment.Speaking to ET Now, Mohammed Imran from Mirae Asset Sharekhan said the latest increase in import duties, coupled with currency weakness and elevated global inflation pressures, is likely to push domestic gold prices sharply higher and weigh heavily on consumption trends over the next year.The government had already imposed an additional 3% duty earlier this year amid heightened geopolitical tensions and rising global uncertainty. According to Imran, the impact became visible almost immediately, with April gold imports falling to their lowest levels in nearly three decades.“So, this has already been indicated as we have seen that government has imposed 3% duties from April since this war began. That is why we are seeing that imports has declined to three decades low in the month of April which was down around 15 tonnes from 100 tonnes in January and now, this action has come from the government,” said Mohammed Imran.He added, “So, we expect that MCX prices could see or the domestic prices could see landing cost somewhere around 1,67,000 to 1,68,000 and that could directly have an impact on the demand side as well.”According to market estimates, India’s gold demand stood near 660 tonnes last year. However, analysts now expect a meaningful slowdown in purchases as elevated prices reduce affordability for consumers.“Last year we have seen that domestic demand was around 660 tonnes which further in 2026 we expect that demand could see 10% to 15% drop because of this action from the government and rupee has also depreciated by 5% to 6%, so all these are going to have an impact on the demand,” Imran noted.Import Bill Under PressureDespite lower import volumes in recent years, the rally in international gold prices has kept the overall import bill elevated. Analysts believe the latest duty hike, along with the 3% IGST burden, could significantly curb inbound shipments and help narrow India’s current account deficit.“As I already mentioned that we will see imports coming down because you see that the current account deficit like $72 billion was added by gold. So, government wants to curb this,” Imran said.“So, we could see that this import duty could have an impact on the current account deficit where we could see that 20% drop. So somewhere gold’s contribution to the current account deficit should be around 50 billion to 55 billion if all these duties could play out on the curbing the demand.”At the same time, global inflation concerns continue to support bullion prices internationally. Imran pointed to stronger-than-expected US inflation data as a key driver behind persistent strength in gold prices.“Internationally we are already seeing that inflationary pressures are moving higher because yesterday's inflation from the US numbers were like they had beaten the street expectation of 3.7% on the benchmark CPI numbers and even the core numbers were higher at 2.8% year-on-year,” he said.ETFs May Also Feel the HeatHigher domestic gold prices may not only affect jewellery demand but could also impact investment demand through exchange-traded funds.India’s gold ETF segment had seen healthy inflows during the first quarter, but analysts believe rising acquisition costs could slow fresh investments.“Yes, so ETF, we have seen that in quarter one our gold ETF demand from India was around 20 tonnes. Even this would have a significant impact because ETFs have to back their inflows by gold, so even they will have an impact,” Imran said.“So, yes, definitely we could see that higher gold prices would effectively have an impact on ETFs inflows as well.”Silver Emerges as a Parallel StoryWhile gold faces pressure from rising duties, silver may continue to benefit from tightening global supply condit

New Hyundai Bayon SUV for India - Bigger Than Expected

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New Hyundai Bayon SUV for India - Bigger Than Expected

1 min readNew DelhiUpdated: May 13, 2026 06:55 AM IST The higher duties could lower the demand in India, which is the world's second-largest consumer of precious metals. (File photo)The government has hiked import tariffs on gold and silver to 15% from 6% in an effort to cut down on overseas purchases of the metals and ease pressure on the country’s foreign exchange reserves, news agency Reuters reported. The higher duties could lower the demand in India, which is the world’s second-largest consumer of precious metals, and help curb India’s trade ⁠deficit while supporting the rupee,.However, industry officials warned higher import taxes could revive smuggling, which had eased after India cut tariffs in mid-2024.

Gold steady as markets focus on potential US-Iran peace deal

Economy

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indiapeacewashington

Gold steady as markets focus on potential US-Iran peace deal

India govt has dismissed viral claims of an evacuation plan via Fujairah port as false. Meanwhile, Trump has rejected Iran's peace proposal as totally unacceptable, oil prices have surged past 99 dollars a barrel, and 40 nations are meeting to plan a naval mission through the Strait of HormuzOffshore vessel 'MD ZEN 532' at the Port of Fujairah, as the U.S.-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah(REUTERS)The Indian government has moved to quash circulating claims that it is working with the United Arab Emirates to evacuate Indian nationals through Fujairah port amid the ongoing Iran war, calling the reports entirely without basis.India-UAE Fujairah Evacuation Claim Is False, Says Ministry of External AffairsAmid escalating tensions in the Middle East and rising anxiety among Indian nationals in the region, a claim circulating widely online alleged that India was coordinating with the United Arab Emirates to evacuate its citizens through Fujairah port. The Indian government has now formally denied those reports."There is no basis in fact for such a story. There is no evacuation being planned. Please stay alert against such false and baseless claims," the Ministry of External Affairs posted on X on Monday.The clarification comes as the broader Iran war enters a dangerous new phase, with peace negotiations between Washington and Tehran failing to produce an agreement and oil markets reacting sharply to the prospect of renewed conflict.Trump Rejects Iran's Peace Proposal, Calls Terms Totally UnacceptableUS President Donald Trump has rejected Tehran's response to Washington's latest peace proposal, describing Iran's counter-terms in unambiguous language on his Truth Social platform."I have just read the response from Iran's so-called 'Representatives.' I don't like it -- TOTALLY UNACCEPTABLE!" Trump said.Iran had on Sunday responded to the latest US proposal and warned it would not hold back from retaliating against any new US strikes, nor permit additional foreign warships into the Strait of Hormuz. Trump did not disclose the specific contents of Tehran's counter-proposal but made clear he would not accept them.The breakdown in talks rattled global energy markets almost immediately. International benchmark Brent crude surged 4.65 per cent to 99.95 dollars a barrel during Monday morning trade in Asia. The benchmark US oil contract West Texas Intermediate also climbed by just over 4 per cent to 105.5 dollars a barrel, as investors braced for further disruption to oil supplies through the strait, where Tehran has imposed a partial blockade.Netanyahu Says War Will Not End Until Iran's Nuclear Sites Are DismantledIsraeli Prime Minister Benjamin Netanyahu, whose forces launched the war on Iran alongside the United States on 28 February, has added a further condition to any potential end to the conflict, insisting that Iran's nuclear infrastructure must be eliminated before hostilities can cease."It's not over, because there's still nuclear material -- enriched uranium -- that has to be taken out of Iran. There's still enrichment sites that have to be dismantled," Netanyahu told CBS's 60 Minutes.The statement signals that even if Washington and Tehran were to reach a diplomatic agreement, Israel's involvement introduces an additional layer of conditions that would need to be met before a stable ceasefire could take hold.40 Nations to Outline Military Contributions for Strait of Hormuz MissionMore than 40 nations are meeting on Monday to detail their military contributions to a European-led naval mission designed to escort commercial ships safely through the Strait of Hormuz once a stable ceasefire is in place.The countries are expected to offer demining, escorting and air policing capabilities as part of a defensive operation led by the United Kingdom and France."We are turning diplomatic agreement into practical military plans to restore confidence for shipping through the Strait of Hormuz," s

Tamil Nadu CM oath ceremony LIVE: Vijay to visit VCK HQ today as suspense over TVK's power bid enters Day 4

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Tamil Nadu CM oath ceremony LIVE: Vijay to visit VCK HQ today as suspense over TVK's power bid enters Day 4

2 min readNew DelhiMay 11, 2026 11:56 AM IST Gold prices in India are shaped by several key factors like the global market rates, import duties, taxes and shifts in currency exchange rates. (File Photo)Written by Paramita DattaGold Rate Today– The gold price in India today stands at Rs 15,213 per gram for 24 carat gold, Rs 13,945 per gram for 22 carat gold and Rs 11,410 per gram for 18 carat gold, as per Good Returns. The price of 24K gold today, May 11, 2026, in India, stands at Rs 15,213 per gram, reflecting a significant decrease of Rs 22. Similarly, the price of 22K and 18K gold currently stands at Rs 13,945 per gram and Rs 11,410 per gram for 18 carat gold, showing decreases of Rs 20 and Rs 16 respectively. The Gold price is currently seeing only minor price movements across major cities from the past few days. Gold prices in India during mid-March to April 2026 have fluctuated amid the ongoing conflict in West Asia, which began on February 28, with the US and Israeli military actions against Iran. As a fall out of the war in West Asia, crude oil prices and gold and silver prices have been fluctuating. Purity Grams Today (INR) 24 Carat 10g Rs 1,52,130 22 Carat 10g Rs 1,39,450 18 Carat 10g Rs 1,14,100 Global gold prices were also struggling, heading toward a weekly loss. Rising crude oil prices have pushed up inflation worries, leading many to believe that interest rates could stay elevated for longer than expected, which added further pressure on gold.Story continues below this ad Gold prices in India are shaped by several key factors like the global market rates, import duties, taxes and shifts in currency exchange rates. Together, these elements drive the daily price fluctuations seen across the country. Adding to this, the blockage of the Strait of Hormuz has pushed crude oil and fuel prices higher, which in turn has also nudged gold and silver prices upward. (Written by Paramita Datta, an intern with The Indian Express)