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Gold prices today fall sharply, silver rates crash ₹2,500 in two days

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Gold prices today fall sharply, silver rates crash ₹2,500 in two days

Gold prices in India fell for the second day, tracking a decline in global rates after US President Donald Trump suspended stimulus talks with Democrats. On MCX, December gold futures were down 0.9% to ₹50,088 per 10 gram while silver futures fell 1.5% to ₹59,658. In the previous session, gold prices had declined 0.32% per 10 gram amid a choppy trade while silver had tumbled ₹1,450 or 2.3% per kg.

In global markets, gold prices were muted, trading at one-week lows after US President Donald Trump abruptly ended talks with Democrats on an economic aid package. Spot gold was flat at $1,877.15 per ounce after falling 2% in the previous session.

A stronger dollar also hurt gold prices. The dollar index was up 0.2% against rivals. Among other precious metals, silver rose 0.7% to $23.25 per ounce, platinum was up 1% at $856.51, while palladium dipped 0.1% to $2,339.81.

Analysts expect gold to remain choppy depending on the movement in US dollar and general market risk sentiment. India’s gold imports in September fell 59% from a year earlier to the lowest level in four months, Reuters reported, citing sources. India imports bulk of its gold requirement. Analysts hope that gold demand in India is likely to pick up ahead of the festive season, further supported by the recent correction in prices.

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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