Gold, silver edge higher on hopes of West Asia de-escalation

Posted on by Vividh Bharathi

Mumbai, April 16 (IANS) Gold and silver prices rose on Thursday even after US President Donald Trump’s remarks on easing geopolitical tensions and the opening of the Strait of Hormuz.

On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) climbed as much as 0.67 per cent or Rs 1,042 to hit an intraday high of Rs 1,54,990 by 10.57 a.m.

Silver futures also jumped up to 1.58 per cent or Rs 3,993 to Rs 2,55,735, logging an intraday high.

The yellow metal was trading at Rs 1,54,911, up Rs 963 or 0.63 per cent, after touching an intraday low of Rs 1,54,501, up 0.35 per cent or Rs 553. The white metal was trading at Rs 2,54,997, up Rs 3,255 or 1.3 per cent, after hitting an intraday low of Rs 2,53,720, up 0.78 per cent or Rs 1,978.

The surge in precious metals comes after Trump hinted at hopes of an end to the West Asia conflict.

According to commodities experts, sentiment remains mildly positive, with macroeconomic factors offering support, although momentum is still developing and would require confirmation for a sustained uptrend.

“Gold is trading in the Rs 1,54,500–Rs 1,55,000 range with buying interest at lower levels. A sustained move above Rs 1,55,000 could revive momentum towards Rs 1,57,000–Rs 1,58,000, while a break below Rs 1,54,000 may lead to a correction towards Rs 1,52,000–Rs 1,51,000 and further to Rs 1,48,000,” a commodity expert said

For silver, the analysts noted that MCX silver is hovering above Rs 2,54,000, supported by safe-haven demand and strength in industrial metals. Resistance is seen at Rs 2,60,000–Rs 2,63,000, with upside potential towards Rs 2,68,000–Rs 2,70,000.

On the downside, a break below Rs 2,50,000 may lead to a correction towards Rs 2,44,000–Rs 2,40,000, they added.

Trump, posting on Truth Social, said efforts were underway to create “a little breathing room between Israel and Lebanon”, adding that talks between the two sides would take place soon.

He also said China was “very happy” with the permanent opening of the Strait of Hormuz.

“I am doing it for them also and the world. This situation will never happen again. They (China) have agreed not to send weapons to Iran,” he said.

–IANS

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Telangana to make Kaleshwaram barrages fully operational

Hyderabad, April 12 (IANS) The Telangana government has decided to make all three critical barrages of the Kaleshwaram lift irrigation project fully operational at the earliest.

Irrigation minister N. Uttam Kumar Reddy on Sunday made it clear that the state government is determined to bring Medigadda, Annaram and Sundilla back into operation.

He wanted the rehabilitation works to be fast-tracked to restore the project to full operational status under a time-bound programme.

The minister held a high- level review on the rehabilitation of the Kaleshwaram Lift Irrigation Scheme (KLIS) barrages with key officials of the Department, representatives of the CWPRS, agencies tasked with rehabilitation designs and implementation agencies, including L&T.

The minister said that statutory agencies, including the National Dam Safety Authority (NDSA) and the Vigilance Commission, have already flagged serious defects in the foundations, design, planning and execution of all three barrages. He added that the fundamental problems are identical across the three structures.

He directed officials that the next two working seasons (2027 and 2028) should be treated as crucial in the process of completing the KLIS repairs.

He expressed hope that Annaram and Sundilla could be fully completed well within the timeline set for the purpose, while Medigadda can be made at least partially operational simultaneously.

The government has already finalised a design consultant, AFRY India, to work in a joint venture with IIT Mumbai. The minister instructed the design team to work round-the-clock, all seven days a week.

“We need the design as early as possible because the designs will have to be sent to the Central Water Commission (CWC) for approval immediately after submission,” he said.

The minister asked the consultants to stay in constant touch with Secretary Parikshit Mehra and bring directly to his notice in case of any issues.

The design process will be backed by comprehensive geophysical, geotechnical, soil, hydraulic modelling and other studies. The minister directed that all required tests and data must be completed as a top priority.

The Central Water and Power Research Station (CWPRS), Pune — a Government of India organisation tasked with the tests and studies, has been asked to treat the Kaleshwaram barrage rehabilitation as its topmost priority.

He asked the government advisor, Adityanath Das, to coordinate with the CWC to get the approvals needed from the Government of India. CWPRS personnel must be stationed at the sites continuously until the 45-day testing window is completed.

The minister announced the constitution of a high-powered Steering Committee with immediate effect, with Col Parikshit Mehra as the convenor to spearhead the implementation of rehabilitation works.

The committee will meet twice a week, with the minister joining, if needed, even virtually whenever required to review the progress. A dedicated officer will monitor progress daily.

The executing agencies, including the L&T, have been directed to immediately reactivate their existing camps, mess facilities and logistics so that engineers, technicians and rig operators face no accommodation or food issues. Sand removal, GPR (geophysical) tests and site preparation will be carried out with full agency support.

The minister emphasised that all tests must be jointly witnessed by the designer, CWPRS, department engineers and agency representatives, and everything must be properly documented.

–IANS

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TN BJP president accuses DMK of rushing welfare schemes ahead of Assembly polls

Chennai, Aug 12 (IANS) Tamil Nadu BJP president Nainar Nagenthran on Tuesday accused the ruling DMK of hastily implementing a slew of welfare schemes in the final phase of its tenure, claiming it was a sign of the party’s anxiety over an impending “defeat” in the 2026 Assembly elections.

Speaking to reporters in Chennai, the BJP leader alleged that murders have become a daily occurrence under the DMK government and that the law and order situation in the State has sharply deteriorated.

He blamed the proliferation of liquor and narcotic substances for fuelling crime, asserting that the government had failed to curb the menace.

Nainar Nagenthran also criticised the DMK for not addressing critical vacancies in the education sector. He said posts of teachers in government schools and Adi Dravidar welfare schools remained unfilled, leading to a decline in admissions this academic year.

“This government has neglected its responsibility towards the education of the most vulnerable sections of society,” he remarked.

Expressing solidarity with the ongoing protest by conservancy workers of the Greater Chennai Corporation (GCC) against privatisation of sanitary work, Nagenthran said the BJP would extend full support to their demands.

He charged that since coming to power, the DMK had failed to deliver on several of its election promises.

Outlining the BJP’s organisational plans, he announced that the State unit would conduct a series of conferences in the coming days to strengthen booth-level committees across Tamil Nadu, beginning with a meeting in Tirunelveli.

“We are preparing the party machinery for the upcoming polls, and our booth committees will be the backbone of our campaign,” he said.

Nagenthran’s remarks come amid heightened political activity in the State, with both the ruling DMK and opposition parties stepping up their outreach ahead of the 2026 elections.

The BJP, which is aiming to expand its footprint in Tamil Nadu, has been increasingly vocal in its criticism of the DMK government, particularly on issues of governance, law and order, and fulfilment of electoral promises.

Political observers note that the state’s political climate is set for a heated contest, with parties attempting to consolidate their grassroots networks well ahead of the formal poll campaign.

–IANS

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Budget to make India a global hub for innovation, advanced manufacturing: SBI Chairman

New Delhi, Feb 2 (IANS) The Budget for 2026-27 is a significant step toward making India a global hub for innovation and advanced manufacturing with global competitiveness as the lynchpin, says Challa Sreenivasulu Setty, Chairman, State Bank of India.

The Budget maintains policy continuity, tax predictability while attempting a fine balance between rural and urban, legacy and sunrise sectors.

“This year’s Budget has both predictable and futuristic elements. The predictable part is the basic structure which remains focused on emerging and employment generating sectors. Infrastructure sector continues to be an anchor, with increase in proposed investments,” he said in State Bank of India’s ‘Union Budget 2026-27 Analysis Report’.

There are many positives and opportunities for banking sector. Reinventing banking in rapidly changing context and keeping financial markets orderly and stable, thereby aligning with India’s next phase of growth continues to be imperative for the sector, Setty mentioned.

The thrust on sunrise sectors which form the futurist part has announcements on Semiconductors, Data Centres, Carbon Capture Utilisation and Storage and Critical Minerals etc.

“Starting with basic fiscal math, the budgetary allocations are based on the assumption of nominal GDP growth of 10 per cent which appears prudent given the way inflation is panning out. This translates into a fiscal deficit estimated at 4.3 percent of GDP,” he noted.

On the rural and agriculture side, the Budget has made some notable shifts.

“The focus will now be on high value products such as sandalwood, cashews, fisheries though Integrated development of 500 reservoirs, coconut promotion scheme to increase production, rejuvenating old, low-yielding orchards and expand high-density cultivation of walnuts, almonds and pine nuts,” said the SBI Chairman.

There is also focus on expanding the use of AI in agriculture by integrating Agri Stack portals.

Emphasis on services, particularly tourism, orange economy and education are timely and complimentary to both proposed infrastructure expansion, connectivity and digital capex led future growth. High-Powered ‘Education to Employment and Enterprise’ Standing Committee will focus on the services sector as a core driver of Viksit Bharat.

The massive scale of specialised construction requires domestic supply chain of infrastructure equipment. Keeping this in mind, the Budget has proposed domestic manufacturing of high value and technologically advanced Construction and Infrastructure Equipment.

“On the financing side, to further strengthen the confidence of private developers an Infrastructure Risk Guarantee Fund will be set up to provide prudently calibrated partial credit guarantees to lenders,” said Setty.

Accepting the reality of rapidly urbanising India, the Budget has tried to harness the power of urban agglomerations. Towards this end, city economic regions (CER) will be mapped based on their specific growth drivers and an allocation of Rs 5,000 crore per CER over 5 years for implementing development plans.

Setty said that in the sunrise sectors, the Budget has proposed scaling up of current Indian Semiconductor Mission by proposing India Semiconductor Mission (ISM) 2.0 to produce equipment and materials, design full-stack Indian IP, and fortify supply chains.

Keeping in mind the disruption in critical minerals, the existing National Critical Mineral Mission will be complimented by a dedicated Rare Earth Corridors to be established and exemption from BCD for capital goods import.

The people centric initiatives, ease of doing business and living measures which form the softer aspects of the tough decisions identifies the challenges that country faces, he noted.

—IANS

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