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Gold nears ₹1.44 lakh, Silver hits ₹2.40 lakh

Gold prices remained steady across major Indian cities on Monday, offering stability to buyers after recent fluctuations in the bullion market. Silver, however, continued its upward march, supported by firm global demand and positive investor sentiment.

According to the latest retail rates, 24-carat gold was priced at ₹1,43,950 per 10 grams, while 22-carat gold stood at ₹1,31,950 per 10 grams. The price of 18-carat gold was ₹1,07,960 per 10 grams. Silver was trading at ₹2,40,000 per kilogram, extending its recent gains.

In Kochi, 24-carat gold was quoted at around ₹1,43,940 per 10 grams, while 22-carat gold was available at approximately ₹1,31,100 per 10 grams, with slight variations depending on the jeweller.

Jewellers said customer enquiries remained steady, but many buyers continued to delay large purchases in anticipation of a possible correction in prices. Although gold has cooled from its record highs, it remains significantly costlier than last year, making consumers cautious.

Silver continued to outperform gold as industrial demand stayed robust. Traders attributed the metal’s strength to growing consumption from sectors such as electronics, solar energy and electric vehicles, along with supportive global price trends.

Internationally, bullion prices remained firm as investors closely tracked the US Federal Reserve’s interest rate outlook and the broader global economic situation.

Also Read: Sensex trades flat, Nifty holds above 24,050

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BYJU’S lenders eye 30% Aakash stake settlement

A long-running legal battle involving embattled edtech company BYJU’S may finally be nearing a resolution. The company’s global lenders are in advanced discussions to acquire a 30% stake in Aakash Educational Services, one of India’s largest offline coaching chains, as part of a comprehensive settlement aimed at ending multiple legal disputes.

The proposed agreement is linked to BYJU’S default on its $1 billion Term Loan B, which triggered legal proceedings across India, the United States and Singapore. Under the settlement, lenders represented by Glas Trust are expected to withdraw all lawsuits against founder Byju Raveendran and other related parties if the deal is successfully completed.

People familiar with the negotiations said the talks are in the final stages, although the exact structure of the transaction is still being worked out. Aakash, acquired by BYJU’S for nearly $1 billion in 2021, is currently valued at around $2 billion, making it the group’s most valuable remaining asset. The proposed stake transfer would give lenders a significant ownership position while helping bring years of litigation to an end.

The ownership structure of Aakash has changed considerably over the past year. Manipal Education and Medical Group has increased its holding to around 60%, emerging as the largest shareholder. If the proposed settlement goes through, lenders would become another major shareholder, while BYJU’S stake would reduce further. Industry experts believe this could provide greater stability to Aakash, which has largely remained operational despite the financial troubles of its parent company.

For BYJU’S, once India’s most valuable startup with operations in more than 20 countries, the agreement could mark a significant turning point. The company has faced financial distress, insolvency proceedings and several court battles over the past three years, leading to a sharp decline in its business and valuation.

While the settlement has not yet been finalised, both sides are reportedly keen to avoid further legal battles.

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US eases access to Anthropic’s Claude Mythos AI

The US government has allowed Anthropic to restore limited access to its powerful Claude Mythos 5 artificial intelligence model, easing restrictions that were imposed earlier this month over national security concerns. Even so, access remains tightly controlled and is available only to a select group of trusted American organisations, not the general public.

The move came after talks between Anthropic and US officials, following a temporary suspension of access for foreign nationals and a broader pause on rollout. Authorities had worried that such an advanced AI system could be misused for cyberattacks or accessed by hostile foreign actors if it was released without strong safeguards.

Under the revised arrangement, more than 100 approved organisations, including cybersecurity firms, critical infrastructure operators and selected Fortune 500 companies, will be able to use Mythos 5. Many of these groups are already part of Anthropic’s Project Glasswing, an initiative that uses advanced AI to find and fix software weaknesses before attackers can exploit them.

Anthropic said the model has shown strong results in spotting complex software flaws and improving cyber defences. The company believes that giving trusted security experts access to the technology can help strengthen digital safety while lowering the risk of misuse. It also said it will continue working closely with US authorities before expanding access further.

The controlled rollout comes as governments around the world step up scrutiny of powerful AI systems. The Trump administration has introduced new rules requiring frontier AI developers to coordinate with federal authorities before releasing highly capable models. Similar restrictions have also affected other leading AI companies building next-generation systems.

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Gold at ₹1.44 lakh, silver above ₹2.22 lakh

Gold prices edged higher across major Indian cities on Saturday, June 27, as global bullion markets recovered and investors once again turned to safe-haven assets. The rise came after softer US inflation data eased fears of more aggressive interest rate hikes. Even so, gold is still headed for a fourth straight weekly decline globally after touching multi-month lows earlier this month.

In Mumbai, 24-carat gold was priced at ₹1,44,300 per 10 grams, while 22-carat gold stood at ₹1,32,275 and 18-carat gold at ₹1,08,225. Silver (999 fine) was selling at ₹2,22,850 per kg.

Delhi also saw firm prices, with 24-carat gold at ₹1,44,060 per 10 grams, 22-carat gold at ₹1,32,055 and 18-carat gold at ₹1,08,045. Silver was quoted at ₹2,22,470 per kg.

Other major cities followed the same trend. Bengaluru reported 24-carat gold at ₹1,44,420 per 10 grams. Chennai recorded the highest price among the key metros at ₹1,44,720. Hyderabad quoted 24-carat gold at ₹1,44,530, while Kolkata stood at ₹1,44,110 per 10 grams. Silver prices across these cities ranged between ₹2,22,560 and ₹2,23,500 per kg.

In the international market, spot gold rose to $4,089.80 an ounce, while silver climbed to $59.15 an ounce. Analysts said the latest move was supported by expectations of softer inflation, which reduced pressure for immediate rate hikes. Continued uncertainty in financial markets also encouraged investors to move money into precious metals. Volatility in technology stocks added to that safe-haven demand.

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Rare earth magnet scheme gets longer bid window

The Centre has extended the deadline for companies to submit bids under its proposed rare earth magnet manufacturing incentive scheme to July 29, giving the industry additional time to participate in a programme aimed at reducing India’s dependence on imports.

The scheme is part of the government’s broader strategy to build domestic manufacturing capacity for rare earth magnets, which are essential components in electric vehicles, wind turbines, consumer electronics, defence equipment and several high-tech industries. At present, India relies heavily on imports, particularly from China, for these critical materials.

The deadline extension comes after industry players sought more time to prepare proposals and study the scheme’s guidelines. Officials believe the additional window will encourage wider participation and help attract more manufacturers to invest in the sector.

The proposed incentive programme is expected to support companies that manufacture high-performance rare earth magnets within India. By encouraging local production, the government hopes to strengthen supply chains, improve self-reliance and reduce the risk of disruptions caused by global geopolitical tensions or export restrictions.

Rare earth magnets are considered strategically important because they are used in products ranging from smartphones and electric motors to advanced defence systems. As global demand for clean energy technologies and electric mobility continues to rise, countries are increasingly focusing on securing reliable supplies of these critical materials.

The government has identified critical minerals and advanced manufacturing as priority sectors under its industrial policy. The rare earth magnet incentive scheme is expected to complement these efforts by encouraging domestic production and attracting fresh investments.

With the revised deadline now set for July 29, officials hope more companies will come forward with proposals, paving the way for a stronger domestic rare earth magnet industry and reducing India’s dependence on overseas suppliers in the years ahead.

Also Read: RBI simplifies government securities trading

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RBI simplifies government securities trading

The Reserve Bank of India (RBI) has proposed a new set of draft rules to simplify the way government securities are traded, a move that could make investing in government bonds easier for retail investors while bringing greater clarity to the market.

The draft framework consolidates regulations for outright purchases, ‘when-issued’ trading and short-selling of government securities into a single set of directions. At present, these activities are governed by separate rules, making the regulatory framework more complex for market participants.

According to the RBI, the proposal aims to create a simpler and more consistent regulatory structure without changing the basic principles governing government bond trading. The central bank has invited comments from stakeholders before finalising the new rules.

One of the biggest takeaways is the potential benefit for retail investors. A more streamlined framework is expected to make it easier for individuals to understand and participate in the government bond market, which has traditionally been dominated by banks, insurance companies and other institutional investors.

The draft also seeks to improve transparency and liquidity by providing a uniform set of operational guidelines for different types of government securities transactions. Market experts believe this could encourage wider participation and support the development of India’s bond market.

Government securities are considered among the safest investment options because they are backed by the sovereign. They are commonly used by investors looking for stable returns with relatively low risk. Easier access and clearer regulations could make these instruments more attractive to individual investors seeking to diversify their portfolios.

The RBI said the proposed directions are part of its broader efforts to modernise financial markets and align regulations with evolving market practices. A simpler rulebook is also expected to reduce compliance challenges for market participants while improving operational efficiency.

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Adani to invest ₹20,000 cr in airport cities

Adani Airports has announced a ₹20,000-crore plan to develop integrated airport cities around six airports across India, in a major push to turn aviation hubs into business and lifestyle districts. The first phase will cover more than 655 acres across Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow and Guwahati, with nearly 22 million square feet of built-up space planned.

The company said the airport cities will go beyond traditional aviation infrastructure by bringing together hotels, retail outlets, office spaces, convention centres, entertainment zones and business parks in a single ecosystem. Inspired by successful airport districts in cities such as Singapore, Dubai, Amsterdam and Seoul, the projects aim to turn airports into economic engines that support trade, tourism and investment.

Nearly 70 per cent of the investment will be concentrated in Mumbai and Navi Mumbai, where around 440 acres have been earmarked for development. These two locations are expected to become the flagship airport city projects in the network.

According to Adani Airports, the integrated developments are designed to improve the overall travel experience while creating vibrant business and commercial districts around airports. The company believes the projects will generate employment, attract global businesses and support the growth of surrounding urban areas.

Airport cities, often referred to as “aerotropolises”, are increasingly becoming popular around the world as airports evolve from transport hubs into centres for commerce and urban development. Adani said the initiative reflects this global trend and aligns with India’s growing aviation sector and rising passenger traffic.

The move also reflects Adani Airports’ broader push to build commercial ecosystems around its airport assets.

Also Read: EPFO to suspend online services from June 26 to 28

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EPFO to suspend online services from June 26 to 28

Millions of Employees’ Provident Fund Organisation (EPFO) subscribers will face a temporary disruption in online services as the retirement fund body prepares for a major technology upgrade. The EPFO has announced that several digital services, including online claim submissions, will remain unavailable for three days, from June 26 to 28,  while its systems undergo scheduled maintenance.

The temporary shutdown is part of a planned overhaul aimed at improving the performance, reliability and security of the EPFO’s digital platform. Officials said the upgrade is expected to make online services faster, more stable and better equipped to handle the growing number of users accessing the portal every day.

During the maintenance period, members will not be able to submit online claims for provident fund withdrawals, pension benefits or insurance-related services. Other facilities, including profile updates, Know Your Customer (KYC) modifications, passbook-related services and certain employer functions, may also remain inaccessible until the upgrade is completed.

The EPFO has advised subscribers, employers and pensioners to complete urgent online transactions before the maintenance window begins to avoid inconvenience. Those with time-sensitive claims or requests have been encouraged to plan accordingly, as pending applications may experience short delays until services are restored.

Despite the temporary disruption, EPFO clarified that the exercise is intended to strengthen its digital infrastructure and deliver a smoother experience for users in the long run. The organisation has increasingly focused on expanding online services, reducing paperwork and enabling faster claim settlements through digital platforms.

The technology upgrade comes as EPFO continues to modernise its systems to meet rising demand from over 70 million active subscribers. With more members relying on online services for withdrawals, account transfers and pension-related requests, improving platform efficiency has become a key priority.

Officials have assured users that normal services will resume once the maintenance work is completed. They also said the upgraded system is expected to offer improved stability, enhanced security and quicker processing of online requests.

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Gold slides to ₹1,41,320, silver down to ₹2,34,900

Gold prices edged lower on Friday, extending their recent decline, while silver also weakened as subdued global bullion trends continued to weigh on the precious metals market.

According to the latest market rates, 24-carat gold slipped ₹10 to ₹1,41,320 per 10 grams, while 22-carat gold eased to ₹1,29,540 per 10 grams. Silver also witnessed a marginal decline, falling ₹100 to ₹2,34,900 per kilogram.

Although the day’s correction was modest, the broader trend remains weak. Gold has been under pressure over the past few weeks as investors reassess the need for safe-haven assets amid improving global risk sentiment. Expectations of higher interest rates, firm bond yields and a stronger US dollar have also reduced the appeal of non-yielding assets like gold.

International bullion prices have also softened, with spot gold briefly slipping below the psychologically important $4,000-an-ounce mark before recovering slightly. Analysts say the metal could remain volatile in the near term as markets closely watch signals from the US Federal Reserve and upcoming economic data for clues on the interest-rate outlook.

Silver, which is influenced by both investment demand and industrial consumption, has also remained under pressure. Analysts believe its sharper swings compared to gold reflect concerns over global economic growth as well as reduced appetite for riskier commodities.

For jewellery buyers, the continued softness in prices may provide a better opportunity to make purchases after months of elevated rates. However, market experts advise consumers and investors to avoid making decisions based solely on short-term price movements, as precious metals are likely to remain sensitive to global economic developments and central bank policy decisions.

With uncertainty over the global interest-rate trajectory still lingering, bullion prices are expected to remain volatile, making international cues the key factor to watch in the coming weeks.

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RBI tightens rules for large NBFCs

The Reserve Bank of India (RBI) has tightened rules for large non-banking financial companies (NBFCs), setting stricter criteria for identifying systemically important firms and removing some regulatory exemptions earlier available to government-owned entities.

Under the revised framework, NBFCs with assets of ₹1 lakh crore or more will automatically be classified as Upper Layer (NBFC-UL) entities. These firms will face closer regulatory supervision and tougher compliance requirements because of their size and their potential impact on the financial system.

The move is part of the RBI’s broader effort to strengthen risk management across the financial sector. By bringing the country’s largest NBFCs under tighter scrutiny, the central bank aims to improve governance, support financial stability and ensure that big institutions have stronger safeguards against shocks.

In another important change, the RBI has withdrawn concentration-risk exemptions that were earlier available to government-owned NBFCs. Until now, some state-backed finance companies had more flexibility on exposure limits to individual borrowers or groups. With the exemptions removed, these institutions will now have to follow the same concentration-risk norms as other NBFCs.

The central bank said the decision is meant to create a more uniform regulatory environment and reduce risks from excessive exposure to specific borrowers, sectors or projects. Financial experts say concentration risk can become serious if a large borrower runs into trouble, potentially affecting the lender’s stability.

The new framework is expected to affect several large NBFCs, especially those with rapidly growing balance sheets. Firms crossing the ₹1 lakh crore asset mark will now face additional expectations on governance, risk controls and supervisory oversight.

Market participants see the measures as part of the RBI’s wider effort to bring NBFC regulation closer to banking-sector standards. Over the past few years, the central bank has steadily increased supervision of non-bank lenders after episodes of stress in the sector.

The RBI’s message is clear: as NBFCs grow larger and play a bigger role in India’s financial system, they will also face greater regulatory responsibility and oversight to protect financial stability.

Analysts believe the latest changes could improve transparency and resilience across the NBFC industry, though some firms may need to adjust their business models and risk-management practices to meet the tighter rules.

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