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Silver prices in New Delhi hit a record high of 1,20,000 per kilogram. This surge happened as investors sought safe-haven assets. The US tariff on Indian products has taken effect. Gold prices also increased, reaching 1,01,270 per 10 grams. Political uncertainty after Donald Trump's dismissal of Lisa Cook, a Federal Reserve Governor, further fueled the rise in prices.
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Reserve Bank of India will meet with industry leaders to discuss the impact of US tariffs. The consultation is planned for September. It will assess how the 50% tariffs affect various sectors. Labour-intensive industries may face significant challenges. The meeting will also cover the India-UK trade agreement. RBI aims to cushion the economy from the fallout.
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Metal companies' performance in June 2025 quarter was influenced by raw material and product prices. Ferrous producers saw profit growth due to higher domestic prices and lower coking coal costs. Non-ferrous firms had muted results from weaker aluminium and zinc prices. Steelmakers benefited from falling coking coal costs and government safeguard duties.
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Indian banks are exercising caution as the 50% US tariff takes effect, but leading bankers anticipate a limited impact on credit growth and asset quality due to small export credit outstanding. While certain sectors like gems & jewellery and textiles face higher exposure, the government is expected to provide fiscal relief, and exporters will likely diversify into new markets.
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US President Donald Trump called Wednesday for billionaire George Soros and his son to face criminal charges over unfounded claims that the family, a favorite target of the right, have secretly funded violent protests around the country. "George Soros, and his wonderful Radical Left son, should be charged with RICO because of their support of Violent Protests, and much more," Trump wrote on his Truth Social platform, referring to a law against taking part in a criminal organization. des/bgs
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