Gold Reaches New Peak, Markets Bounce Back, Jain Released From Jail: Top Headlines
The global markets saw a flurry of activity this week, with gold reaching a historic milestone and Indian stock markets making a comeback. Here’s a roundup of the top headlines:
Gold Soars Past $2,700
In a significant move, gold prices crossed the $2,700 mark for the first time ever, reaching a record high of $2,714.00 per ounce. This surge in gold prices comes after the precious metal gained over 2% this week. The rising demand for safe-haven assets amidst global economic uncertainty is believed to be driving the price increase.
Nifty 50 & Sensex Snap Losing Streak
After three consecutive days of losses, the Indian stock markets witnessed a positive turnaround on Friday. The Nifty 50 index and Sensex closed the day in the green, indicating a renewed investor confidence. This rebound can be attributed to the positive sentiment in the global markets and improved domestic economic data.
Jain Exits Tihar Jail After Two Years
Former Delhi Health Minister Satyendar Jain walked free from Tihar Jail on Friday after being granted bail in a money laundering case. Jain, a senior leader of the Aam Aadmi Party (AAP), was welcomed by party leaders including Delhi Chief Minister Atishi, Manish Sisodia, and Sanjay Singh. Hundreds of AAP supporters gathered outside the prison to celebrate Jain’s release.
Maharashtra Alliance Finalizes Seat-Sharing Agreement
The Maha Vikas Aghadi (MVA) alliance, comprising the Shiv Sena, Nationalist Congress Party (NCP), and Congress, has reached a seat-sharing agreement for 260 constituencies in Maharashtra ahead of the upcoming state assembly elections. This agreement comes after intense negotiations among the three parties. However, a stalemate remains over the allocation of seats for 25-30 constituencies.
Jio Financial Services Reports Strong Q2 Results
Jio Financial Services Ltd reported a 3% increase in net profit for the second quarter ended September 2024, reaching ₹ 689 crore. The company also witnessed a rise in total income to ₹ 694 crore, compared to ₹ 608 crore in the same period last year. These positive results indicate the company’s strong performance despite the challenging economic conditions.
Global Developments
The ongoing conflict in Israel continues to dominate international headlines, with multiple fronts involved. In the United States, both Donald Trump and Kamala Harris are making last-ditch efforts to secure votes before the upcoming election.
These developments highlight the dynamic nature of global events, affecting both financial markets and political landscapes.