Author: Staff Writer

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Beyond

Gold near ₹1.37 lakh, Silver above ₹2.12 lakh

Gold and silver prices edged higher across major Indian cities on Tuesday, staying close to record levels as strong global cues continued to support precious metals. The rise comes amid expectations of easier monetary policy in the US, a softer dollar and ongoing geopolitical uncertainties, all of which have boosted safe-haven demand.

In Mumbai, 24-carat gold was priced at around ₹1,36,820 per 10 grams, while 22-carat gold traded near ₹1,25,418 per 10 grams. In the national capital Delhi, 24-carat gold stood at approximately ₹1,36,590 per 10 grams, with 22-carat gold at ₹1,25,208.

Other major cities also reported elevated rates. In Chennai, 24-carat gold was quoted at about ₹1,37,220 per 10 grams, while Bengaluru saw prices near ₹1,36,930. Hyderabad and Kolkata recorded similar levels, reflecting firm demand and regional price variations linked to local taxes and logistics.

Silver prices showed a stronger momentum compared to gold, supported by both industrial demand and investment buying. In Mumbai, silver was priced at around ₹2,12,110 per kilogram. Prices in Chennai hovered near ₹2,13,100 per kg, while Hyderabad and Bengaluru saw silver trading between ₹2,12,600 and ₹2,12,800 per kg.

Market experts say the current rally in bullion is driven by expectations of interest rate cuts by the US Federal Reserve, which makes non-interest-bearing assets like gold and silver more attractive. Continued central bank purchases and supply constraints, especially in silver, have also added support.

While prices remain elevated, analysts advise investors to be cautious at current levels and consider staggered buying rather than lump-sum investments, as short-term volatility cannot be ruled out.

Also Read: Sensex trades sideways, Nifty slips below 26,200

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Corporate

Sensex trades sideways, Nifty slips below 26,200

The markets traded with a cautious tone on Tuesday, December 23, as the recent rally lost steam amid foreign fund outflows and the absence of strong fresh triggers. Both benchmark indices, the BSE Sensex and the NSE Nifty 50, ended marginally lower, reflecting profit-booking and subdued participation ahead of the Christmas and New Year holidays.

The Sensex slipped over 100 points during the session, while the Nifty hovered below the 26,200 mark for most of the day. Market sentiment remained fragile as foreign institutional investors (FIIs) turned net sellers after two sessions of buying, putting pressure on heavyweight stocks.

Sector-wise, information technology stocks emerged as key laggards, dragging the indices lower. Shares of major IT companies faced selling pressure as investors remained cautious about global demand outlook and currency movements. Select banking and FMCG stocks also saw mild declines, adding to the weakness.

However, the broader market showed pockets of strength. Cement stocks were among the top gainers after Ambuja Cements and Orient Cement rallied sharply following board approval for a major merger, which boosted investor confidence in the sector. Belrise Industries touched fresh 52-week highs after a large block deal signalled strong institutional interest. Infrastructure stock GPT Infraprojects also advanced after securing a significant road project from the National Highways Authority of India.

Mid-cap and small-cap stocks performed relatively better than the benchmarks, indicating selective buying despite overall caution. Oil and gas as well as metal stocks showed resilience, supported by firm global commodity prices.

Global cues were mixed, with Asian markets trading steady and US markets offering limited direction overnight. With no major domestic or global triggers lined up and liquidity thinning due to year-end holidays, experts expect markets to remain range-bound in the near term.

Also Read: Sensex jumps 638 points, Nifty tops 26,170 as markets end higher

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1 Minute-Read

UAE gives hope to SMA patients with gene therapy approval

The United Arab Emirates has approved Itvisma (onasemnogene abeparvovec), a pioneering gene therapy by Novartis, for children and adults aged two and above with spinal muscular atrophy (SMA).

The therapy replaces the faulty SMN1 gene, tackling the root cause of the disease rather than just symptoms. Administered as a single dose, Itvisma has shown improvements in muscle strength and motor function.

Dr. Fatima Al Kaabi, Director-General of the Emirates Drug Establishment, said the approval reflects the UAE’s commitment to rapid, safe access to advanced treatments. Novartis highlighted the therapy’s potential to transform the lives of SMA patients.

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Corporate

Sensex jumps 638 points, Nifty tops 26,170 as markets end higher

Indian equity markets closed firmly in the green on Monday, supported by positive global cues and steady buying in select sectors. The Sensex rose 638 points to close at 85,567, while the Nifty 50 gained 206 points to settle at 26,172.

Markets opened on a positive note after GIFT Nifty signalled a gap-up start, tracking overnight gains on Wall Street and a stronger trend across Asian markets. Investor sentiment remained upbeat through the session, helping benchmarks hold on to gains.

Among sectoral performers, IT and metal stocks emerged as top gainers, benefiting from firm global cues and stable commodity prices. Select auto stocks also traded higher. On the other hand, FMCG shares underperformed, while banking stocks showed mixed trends amid cautious buying.

In the broader market, mid-cap and small-cap stocks also ended higher, reflecting wider participation from investors. Market breadth remained positive with more stocks advancing than declining.

Analysts said the market continues to draw support from favourable global trends, though domestic triggers remain limited. They added that the Nifty is facing resistance near the 26,200–26,300 levels, while immediate support is seen around 26,000.

Also Read: Sensex rises over 450 points, Nifty crosses 26,100

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1 Minute-Read

Oil prices edge up after US intercepts Venezuelan tanker

Oil prices rose on Monday following the US interception of an oil tanker near Venezuela over the weekend, raising fears of potential supply disruptions.

Brent crude climbed about 0.7–0.9 percent to roughly $61 per barrel, while West Texas Intermediate also gained. The US Coast Guard is reportedly pursuing another tanker, reflecting increased enforcement of sanctions on Venezuelan oil. Analysts said geopolitical tensions, including these actions and broader global uncertainties, outweighed oversupply concerns, supporting the market.

Traders remain cautious as Washington maintains a firm stance on Venezuela’s energy exports.

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Beyond

US chases third Venezuelan oil tanker

The US Coast Guard is actively pursuing an oil tanker in international waters near Venezuela, marking the third such interception attempt in less than two weeks, officials said. The vessel,  identified by maritime trackers as the Bella 1,  is part of what Washington calls Venezuela’s “dark fleet” of ships accused of helping the South American nation evade sanctions. The tanker is reportedly flying a false flag and is under a US judicial seizure order, though it had not been boarded at the time of reporting.

The pursuit follows recent seizures of other tankers believed to be involved in transporting Venezuelan crude in defiance of sanctions. On December 10, the Coast Guard seized the large tanker Skipper, sanctioned for its alleged involvement in sanctions‑evasion networks. A second vessel, the Centuries, was intercepted and boarded by US forces just days ago.

These operations form part of a blockade ordered by the US president on all sanctioned oil tankers entering or leaving Venezuelan waters. The administration has positioned the crackdown as an effort to enforce sanctions on the Venezuelan government and cut off revenue it claims supports illicit activities, including narcotics trafficking and terrorism.

Officials argue that targeting these tankers is necessary to prevent sanctions evasion and deny revenue to Venezuelan President Nicolás Maduro’s government. They also assert that the actions are unlikely to significantly affect domestic oil prices, though global crude benchmarks rose modestly in early Asian trading amid the tensions.

The intensified maritime operations are occurring alongside a broader military presence in the Caribbean, including air and naval assets deployed under what officials describe as efforts against drug trafficking and sanctions runners. Critics,  including some lawmakers and international commentators, warn that the blockade and interceptions could increase geopolitical risks and strain diplomatic relations.

Venezuela’s government has condemned these actions as illegal and tantamount to piracy, promising to challenge the moves through international bodies such as the United Nations. Maduro has reiterated that Venezuela will continue its oil trade in the face of pressure.

Also Read: AI’s next leap will be memory, not reasoning, says Sam Altman

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1 Minute-Read

Indian in UK earns ₹18,000 an hour training AI models

Utkarsh Amitabh, a 34-year-old Indian entrepreneur in the UK, earns around ₹18,000 per hour training AI models for data-labeling startup micro1.

Starting in January 2025, he balances this work with family life and other professional commitments. Motivated by curiosity rather than money, he focuses on testing AI against complex business scenarios and refining prompts to enhance accuracy.

With prior experience at Microsoft and academic research on AI, Amitabh finds the role intellectually stimulating and complementary to his career, highlighting the growing demand for AI expertise worldwide.

Categories
Technology

AI’s next leap will be memory, not reasoning, says Sam Altman

OpenAI CEO Sam Altman says the next big advance in artificial intelligence will focus on memory, rather than improving reasoning skills. Current AI systems, including the latest models, are good at solving problems but cannot remember past interactions, meaning users often have to repeat information each time they use them.

Altman envisions AI that can retain long-term memory of user interactions, preferences, emails, documents, and conversations. This would allow AI to learn from past experiences, anticipate user needs, and provide more helpful suggestions without needing repeated instructions.

This shift to memory-based AI aims to create a personalized assistant that truly understands each user over time. Altman believes such AI could become available as early as 2026, moving beyond simple question-answering to proactive support in daily tasks.

At the same time, Altman acknowledges privacy and security concerns. He suggests that advanced encryption and safeguards will be necessary to protect sensitive user data.

With this focus, AI could evolve from a reactive tool into a trusted digital companion, offering smarter, more intuitive help tailored to each individual user’s life and work.

Also Read: B P Kanungo appointed IIFL finance chairman

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Leaders

B P Kanungo appointed IIFL finance chairman

IIFL Finance Ltd, a leading non-banking financial company (NBFC) in India, has appointed B.P. Kanungo, former Deputy Governor of the Reserve Bank of India (RBI), as its non-executive chairman. The appointment was made by the company’s board on December 19, 2025, and takes effect immediately.

Kanungo brings over 40 years of experience in banking and financial regulation. He served as RBI Deputy Governor from 2017 to 2021 and was part of the Monetary Policy Committee. He has also held senior roles in currency management, payment systems, and consumer protection. His deep knowledge of the financial system is expected to help IIFL Finance strengthen governance and plan its future growth.

Before becoming chairman, Kanungo was already an independent director on IIFL Finance’s board. In his new role, he will guide the company’s strategic decisions and ensure good governance while protecting the interests of shareholders, customers, and regulators. Nirmal Jain, Managing Director of IIFL Finance, welcomed Kanungo’s appointment, saying his expertise will support the company’s next stage of growth.

In the same board meeting, IIFL Finance shared that it has complied with a tax notice from the Income Tax Department. The company paid Rs 1.47 crore as tax for past assessments, confirming that this does not affect its current operations or finances.

The board also approved a proposal to raise the company’s borrowing limit from Rs 35,000 crore to Rs 60,000 crore, subject to shareholder approval. This move will give IIFL Finance more flexibility to expand its lending business and strengthen its financial position.

IIFL Finance offers a variety of loans, including home loans, business loans, microfinance, and gold loans, and serves customers through a wide network across India. With Kanungo as chairman, the company aims to combine strong governance with strategic growth to better serve its customers and investors.

Also Read: ICICI Bank revises credit card charges, benefits from 2026

Categories
Leaders

Elon Musk net worth nears $750 billion

Elon Musk’s net worth has surged to nearly $750 billion after a key US court ruling restored part of his Tesla compensation package. The decision puts him closer to becoming the world’s first trillionaire.

The Delaware Supreme Court overturned a previous ruling that had invalidated Musk’s 2018 pay package, which was tied to ambitious Tesla performance targets. The package grants Musk stock options that, with Tesla’s current share price, are valued at approximately $139 billion. The court said that completely voiding the package would be unfair, given Musk’s six years of work to achieve the targets.

Musk’s wealth comes mainly from his Tesla holdings, including his roughly 12% stake in the company, and stakes in ventures such as SpaceX. With the restored stock options, his estimated fortune on the Forbes Billionaires Index now stands around $749 billion.

The ruling also strengthens Musk’s position in the global wealth rankings. He now far exceeds the net worth of the next richest individuals, including Google co-founder Larry Page. Tesla remains central to his fortune, and the restored options add a significant boost to his overall wealth.

Earlier, Tesla shareholders approved a separate long-term performance-based pay plan for Musk, potentially worth up to $1 trillion. Achieving its full value could push his wealth even closer to the trillion-dollar mark.

This legal victory ensures Musk receives the compensation he earned for Tesla’s growth and reinforces his influence over the company and markets. Analysts say the restored options highlight the importance of executive performance packages in large corporations and how legal challenges can affect personal and market wealth.

The court’s decision underscores the intersection of corporate governance, executive compensation, and shareholder interests, with Musk’s fortune reflecting both Tesla’s success and the growing scale of executive pay in global business.

Also Read: Gujarat Kidney IPO opens at ₹108–₹114 to raise ₹251 crore