Category: Beyond

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Gold near ₹1.53 lakh, Silver around ₹2.70 lakh

Gold and silver prices continued their upward trend on May 8, 2026, in both domestic and international markets, supported by strong safe-haven demand, geopolitical tensions, and expectations of easing monetary policy conditions globally.

In India, gold prices hovered close to ₹1.53 lakh per 10 grams on the MCX, reflecting sustained buying interest despite elevated price levels. Silver also remained strong, trading near ₹2.70 lakh per kilogram, extending its recent rally driven by both investment demand and industrial usage.

According to market data, MCX gold traded around the ₹1.52–1.53 lakh range, while silver stayed close to ₹2.59–2.70 lakh levels during intraday movement, showing firm underlying momentum in bullion markets.

The rise in precious metals is being driven by multiple global factors. Ongoing geopolitical tensions, particularly involving the Middle East, have increased demand for safe-haven assets. At the same time, concerns over inflation and uncertainty around interest rate direction have strengthened investor preference for gold and silver.

Internationally, gold remained firm near multi-month highs, supported by a softer US dollar and expectations of future rate cuts, while silver outperformed due to both investment inflows and industrial demand from sectors like electronics and renewable energy.

In India, physical demand has remained steady due to seasonal buying and wedding-related purchases, although high prices are beginning to impact retail volumes in some regions. ETF inflows and central bank purchases are also providing structural support to bullion prices.

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India hits record $863 bn export growth in FY26

India recorded its highest-ever annual exports in the financial year 2025-26, with total exports touching a record $863 billion. The strong performance came despite global economic uncertainty, geopolitical tensions, and slower growth in international trade.

The biggest support came from the services sector, which continued to perform strongly throughout the year. Exports of services such as IT, software, consulting, business support, and digital solutions grew by nearly 8.7%, helping India offset weakness in some merchandise categories.

Officials said the growth reflects the increasing global demand for Indian talent and technology-based services. Indian companies continued to provide digital and business solutions to clients worldwide, even as many economies faced inflation pressures and slowing consumer demand.

Merchandise exports, including engineering goods, electronics, pharmaceuticals, and chemicals, also remained stable. While some sectors faced pressure due to weak global demand and supply-chain disruptions, India managed to maintain overall export momentum.

The final export figures were revised upward after updated services trade data became available. Earlier estimates had projected slightly lower numbers, but the revised data confirmed a new export record for the country.

The achievement is also seen as a positive sign for India’s broader economic growth. Strong exports help bring foreign exchange into the country, support employment, and improve business activity across sectors.

The government has also been working to strengthen trade relationships with multiple countries and push new trade agreements to increase market access for Indian businesses.

Over the past few years, India’s technology and digital industries have expanded rapidly, making the country a key global provider of IT and business services. Industry experts believe these efforts could further boost exports in the coming years.

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Gold at ₹15,200, Silver near ₹2.55 lakh

Oil prices edged higher on Thursday as global markets closely tracked developments around a possible peace agreement between the United States and Iran. Investors remained cautious, leading to fresh buying in both crude oil and safe-haven assets like gold and silver.

Brent crude rose above $101 per barrel, while US West Texas Intermediate (WTI) crude traded above $95 per barrel during the session. The rebound came after oil prices had fallen sharply earlier this week on hopes that easing tensions in West Asia could improve global oil supplies.

However, uncertainty over whether a final agreement will actually be reached kept traders on edge. Reports suggested that negotiations between the US and Iran are still facing major differences, making investors cautious about taking aggressive positions in the market.

The developments also influenced bullion prices. In India, 24K gold was priced around ₹15,214 per gram, while silver traded near ₹2.55 lakh per kilogram. Investors continued to move towards precious metals as a hedge against uncertainty in global markets.

Analysts said oil prices remain highly sensitive to geopolitical headlines, especially because the West Asia region plays a crucial role in global energy supply. Any disruption or easing of tensions can quickly impact crude prices worldwide.

The possibility of smoother oil exports through key shipping routes had earlier pushed prices lower, but doubts over the pace and success of diplomatic talks triggered a recovery in crude during Thursday’s trade.

Global equity markets also remained volatile as investors weighed the impact of changing oil prices on inflation and economic growth. Lower crude prices generally support markets by reducing inflation pressure, while higher oil prices can increase costs for businesses and consumers.

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Reliance Jamnagar refinery units shut for upkeep

Reliance Industries is preparing to temporarily shut down certain processing units at its massive 660,000 barrels-per-day refinery for scheduled maintenance, according to a senior government official. The shutdown is expected to last around three to four weeks and will take place later this month.

The maintenance will include a crude distillation unit as well as several secondary processing units at the refinery. The facility is part of Reliance’s Jamnagar complex in Gujarat, one of the largest and most advanced refining hubs in the world.

Officials said the shutdown is planned after Nayara Energy resumes operations at its own refinery later in the month. This sequencing is intended to ensure smooth fuel supply across the domestic market and avoid any disruption during the maintenance period.

The maintenance activity is described as routine upkeep, aimed at ensuring operational efficiency and reliability of the refinery units. Sources indicated that the shutdown is part of planned maintenance cycles that large-scale refineries typically undergo.

Reliance operates one of the world’s biggest refining complexes, processing large volumes of crude oil into fuels and petrochemical products for both domestic consumption and exports. The Jamnagar site is a key contributor to India’s fuel supply chain.

According to officials, the shutdown is not related to any operational failure or emergency situation. Instead, it is a scheduled activity aligned with broader refinery management planning.

The timing of the maintenance is also coordinated with market conditions and other refinery operations in India. This helps maintain balance in fuel availability while large units undergo servicing.

Reliance has not issued an official public statement on the development. However, government sources confirmed that the plan has been discussed within the petroleum ministry framework.

The refinery’s maintenance is expected to conclude within three to four weeks, after which normal operations will resume.

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NSE launches electronic gold receipts system

The National Stock Exchange (NSE) has introduced Electronic Gold Receipts (EGRs) to modernise India’s gold market and bring more transparency to trading.

Under the system, physical gold stored in SEBI-approved vaults is converted into electronic receipts. Each EGR represents ownership of a fixed quantity of gold and is fully backed by real, stored metal. These receipts can be bought and sold on the exchange, similar to shares.

NSE says the aim is to shift gold trading from a largely physical and unorganised system to a regulated digital platform. This will improve price discovery, reduce dependence on physical handling, and make transactions more efficient.

Investors will also be able to convert EGRs back into physical gold when needed. This flexibility is expected to attract both retail and institutional participants, including jewellers and traders.

The exchange demonstrated the system by converting a 1 kg gold bar into an electronic receipt. Officials said the move will help standardise gold trading, improve liquidity, and ensure better transparency in pricing and purity.

India has a large gold market, but most trading has traditionally been physical and outside formal financial systems. With EGRs, regulators aim to bring more of this trade into a structured exchange-based framework.

Also Read: Freshworks cuts 11% jobs as AI handles more coding

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Freshworks cuts 11% jobs as AI handles more coding

Freshworks has announced layoffs affecting about 11% of its global workforce, or roughly 500 employees, as the company shifts more of its operations toward artificial intelligence.

The SaaS company said the restructuring is part of its effort to adapt to rapid AI-driven changes in software development. Freshworks CEO Dennis Woodside noted that AI tools are now responsible for writing more than half of the company’s code, reducing the need for some engineering and support roles.

The job cuts will impact teams across multiple regions, including India and the United States. The company expects the restructuring to simplify operations and reduce costs, with savings being redirected toward growth areas such as its enterprise IT service management products.

Freshworks also reported steady revenue growth of around 16% in its latest quarter, though earnings slightly missed expectations. It has projected continued revenue growth in the coming quarter, signalling confidence in demand for its software solutions despite the restructuring.

The company estimates restructuring costs of around $8 million related to the layoffs.

Also Read: Zee sues Nykaa over alleged Instagram music copyright misuse

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Zee sues Nykaa over alleged Instagram music copyright misuse

Zee Entertainment has filed a copyright infringement case against Nykaa, accusing the beauty and fashion retailer of using its copyrighted songs without permission in Instagram promotional reels.

According to Zee’s petition in the Delhi High Court, several Nykaa marketing videos used Zee-owned music tracks to promote products on social media. Zee argues that while Instagram users can access its music through platform licensing with Meta, commercial brands must obtain separate permissions for advertising use.

The complaint identifies around a dozen reels where the songs were allegedly used without authorization. Zee is seeking damages of about $210,000 (approximately ₹2 crore) and has also requested broader court protection to prevent future misuse of its music in advertising content.

Nykaa informed the court that it has already removed the disputed reels after receiving notice of the claim. However, Zee maintains that removal alone is not enough and is pushing for stronger safeguards against repeated violations.

The dispute highlights increasing legal tension around the use of copyrighted music in short-form digital advertising, especially on platforms like Instagram where music is easily integrated into promotional content.

The case is ongoing in the Delhi High Court.

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Apple settles $250mn case over Siri AI delays

Apple has agreed to pay $250 million to settle a lawsuit over delays in rolling out its much-talked-about Siri artificial intelligence features. The case came after the company promoted its “Apple Intelligence” tools as part of new iPhone launches but failed to deliver some key features on time.

The issue goes back to 2024, when Apple introduced its next-generation AI plans, promising a smarter, more personalised Siri experience. These features were expected to be available with newer iPhones, including the iPhone 16 and some iPhone 15 models. However, when the devices reached users, many of the advanced capabilities were either missing or only partly available.

This led to complaints that Apple had created expectations it could not meet at launch. The lawsuit claimed that customers were misled into believing the features were ready, influencing their decision to buy the devices.

Apple has agreed to settle the case but has not admitted any wrongdoing. The company said it chose to resolve the matter to avoid a long legal process and to focus on improving its products. The settlement still needs approval from a US court before it becomes final.

The payout will cover millions of devices sold in the United States during the period when the features were advertised but not fully available. Eligible users may receive compensation, though the exact amount will depend on how many claims are filed.

The case has also drawn attention to how tech companies present new AI features. Regulators have raised concerns about marketing language that may suggest products are ready before they are fully rolled out.

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IMF warns Iran conflict could hurt global economy

The global economy could face serious challenges if the Iran-related conflict continues, the International Monetary Fund (IMF) has warned. IMF Managing Director Kristalina Georgieva said the situation is already putting pressure on growth and could get significantly worse if tensions do not ease soon.

The IMF had earlier expected global growth to remain stable in 2026. However, the ongoing conflict is now creating uncertainty, especially through rising energy prices and disruptions in supply chains. If the situation continues, growth could slow more than expected, while inflation may rise further.

One of the biggest concerns is oil. The conflict has already affected oil supply, pushing prices higher. If prices continue to rise, it could make fuel, transport, and everyday goods more expensive across countries. This would increase the cost of living and put pressure on both households and businesses.

Georgieva also pointed out that even if there is a ceasefire, the economic effects will not disappear immediately. Shocks like rising oil and food prices tend to last longer and can continue to affect economies for months. This means countries may still face challenges even after tensions ease.

Another worry is global trade. Key shipping routes in the region could be disrupted, affecting the movement of goods and increasing costs. This could slow down economic activity further, especially for countries that depend heavily on imports and exports.

The IMF has advised governments to be cautious in how they respond. Measures like controlling fuel prices may offer short-term relief but could worsen supply issues if not handled carefully.

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Gold climbs to ₹1.52 lakh, Silver jumps around ₹91/g

Gold and silver prices moved sharply higher on May 6, 2026, as global cues turned supportive for precious metals. In the domestic market, gold rose about 1.36% to hover near ₹1.52 lakh per 10 grams, while silver surged 2.54% to around ₹91 per gram, reflecting strong buying interest across the bullion segment.

The main trigger behind the rally was the weakness in the US dollar. A softer dollar typically makes gold and silver cheaper for international buyers, increasing demand and pushing prices higher. At the same time, crude oil prices eased, which helped reduce inflation concerns and improved overall sentiment in commodity markets.

Gold, often seen as a safe-haven asset, benefited from continued global uncertainty. Even as some geopolitical tensions showed signs of easing, investors preferred to stay cautious and maintain exposure to bullion. This steady demand kept prices firm and close to record highs.

Silver, meanwhile, outperformed gold in percentage terms. Apart from safe-haven buying, silver also gained from expectations of stable industrial demand. This dual support, investment and industrial use, helped the metal see a sharper rise compared to gold.

Market participants are also keeping an eye on global developments, including currency movements and geopolitical updates such as discussions involving the US and Iran. These factors continue to influence investor sentiment and drive short-term price movements in precious metals.

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