Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> climbed Rs 230 to Rs 72,250 per 10 grams in the national capital on Monday amid a jump in precious metal rates in the international markets, according to HDFC Securities. The yellow metal had settled at Rs 72,020 per 10 grams in the previous session. <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">Silver prices</keyword> also jumped Rs 700 to Rs 84,300 per kg. It had closed at Rs 83,600 per kg in the previous close. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,250 per 10 grams, up Rs 230, taking positive cues from the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Globally, spot gold at <keyword id="20507568" type="General" weightage="20" keywordseo="Comex" source="keywords" meta.keywordsubtype="org" meta.entityname="Comex" meta.hostid="261" meta.entityid="Comex">Comex</keyword> was trading at USD 2,312 per ounce, up USD 11 from the previous close. Gold resumed trading on a positive note as Friday's weaker-than-expected <keyword id="21550543" type="General" weightage="20" keywordseo="US-job-market-reports" source="keywords">US job market reports</keyword> have boosted the odds of a September rate cut from the US Federal Reserve. This turned negative for the US dollar and helped the gold price rebound above the USD 2,300 level, Gandhi said. Silver was also quoting higher at USD 27.05 per ounce. In the previous session, it had ended at USD 26.55 per ounce. Meanwhile, in the futures trade on the Multi Commodity Exchange (<keyword id="19925779" type="General" weightage="20" keywordseo="MCX" source="keywords" meta.keywordsubtype="org" meta.entityname="MCX" meta.hostid="261" meta.entityid="MCX">MCX</keyword>), gold bounced Rs 657 to trade at Rs 71,325 per 10 grams. The most traded June contract hit an intra-day high of Rs 71,447 per 10 grams at 1840 hrs. Further, silver contracts for July delivery were also trading higher by Rs 1,623 or 2 per cent to Rs 82,666 per kg on the bourse. "Gold prices surged over Rs 500 in MCX to hit Rs 71,200 due to renewed conflict in the Middle East and weak US jobs data. This data increased expectations of an earlier US interest rate cut, which is positive for gold prices. "The forecast is for gold to trade in a range of Rs 70,000 to 72,500 in the near future," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. According to Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, "Focus will be on Services Purchasing Managers Index (PMI) and Producer Price Index (PPI) from the EU will further provide more direction for the gold prices. A broader trend on COMEX could be in the range of USD 2,275-2,330 level, Damani said.

Gold prices today: Yellow metal climbs Rs 230 while silver jumps Rs 700

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman on Tuesday proposed reduction in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> on <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> and <keyword id="19934349" type="General" weightage="20" keywordseo="silver" source="keywords">silver</keyword> to 6 per cent and <keyword id="20163042" type="General" weightage="20" keywordseo="platinum" source="keywords">platinum</keyword> to 6.4 per cent. Presenting Budget for 2024-25, she also announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry. Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent. On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics. She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products. Traditional artisans will sell products in international markets, she said. She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a>

Sitharaman announces cut in customs duty on gold, silver to 6%

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

Declining for the second day in a row, <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> tumbled by ₹1,450 to ₹72,200 per 10 grams in the local market here due to profit-taking by traders and weak <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword>. <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">Silver prices</keyword> also tanked by ₹2,300 per kg. According to HDFC Securities, <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> prices declined by ₹1,450 to ₹72,200 per 10 grams in Delhi. The precious metal had closed at ₹73,650 per 10 grams in the previous session. Silver prices nosedived by ₹2,300 to ₹83,500 per kg. In the previous close, it had ended at ₹85,800 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at ₹72,200 per 10 grams, down by ₹1,450 amid bearish cues from overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at Comex was trading at USD 2,310 per ounce, down USD 55 from the previous close. Gold prices dipped further on Tuesday amid easing tension in the Middle East and signs that the <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword> will keep rates higher for longer, crimping demand. Traders also shifted their money flow from safe haven to riskier assets, leading to profit-taking in the precious metals following the recent rally, Gandhi said. Silver was also trading lower at USD 26.80 per ounce. In the previous session, it had ended at USD 27.95 per ounce. "Gold prices continued their downward trend and the decline was attributed to a sharp drop in Comex Gold, within a span of two days. "In the coming days, gold prices in MCX may find support near the ₹70,000 mark. However, if prices fall below this level, another sell-off towards ₹68,500 could occur, as risk sentiments of middle east cools off," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Meanwhile, in the futures trade on the MCX, gold tanked ₹754 to trade at ₹70,443 per 10 grams. The most traded June contract hit an intra-day low of ₹70,202 per 10 grams. Further, silver contracts for May delivery were also trading lower by ₹728 or 0.9 per cent to ₹79,851 per kg on the bourse. "The market will be anticipating upcoming macroeconomic data on Manufacturing PMI and Services PMI from the US, UK, and Europe on Tuesday, while monitoring any developments on the geopolitical front," Chintan Mehta, Chief Executive Officer at Abans Holdings, said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300

<ul class="summary-list"><li>Silver prices have soared 35% this year, hitting 12-year highs at about $32 an ounce.</li><li>Silver's rise is driven by industrial demand, especially for solar panels amid green-energy shifts.</li></ul>Record-high gold prices are in the spotlight — but it's really the yellow metal's poorer cousin, silver, that's outperforming in the price rally.<a target="_blank" href="https://markets.businessinsider.com/commodities/silver-price">Spot silver prices</a> have gained 35% this year to date, reaching 12-year highs. They're now about $32 an ounce.In comparison, <a target="_blank" href="https://markets.businessinsider.com/commodities/realtime-chart/gold-price">spot gold prices</a> are at about $2,350 an ounce but have gained just 14% so far this year.While gold's bull run has been driven by central banks' desire to <a target="_blank" href="https://www.businessinsider.com/dedollarization-usd-strong-china-pboc-central-banks-buy-gold-inflation-2024-5">diversify their assets</a> and a consumer flight to safety amid macroeconomic uncertainties — <a target="_blank" href="https://www.businessinsider.com/gold-price-china-consumers-central-bank-pboc-economy-concerns-dedollarization-2024-4">particularly in China</a> — silver's dazzling performance this year is underpinned by industrial demand.To be sure, there are industrial uses for gold, too, but as <a target="_blank" href="https://advisor.morganstanley.com/the-spooner-group/articles/investing/gold-vs-silver">Morgan Stanley</a> explained, half of all silver is used in heavy industry and technology."The fact that silver has been outshining gold in recent weeks is due mostly to its application in manufacturing," Daniela Hathorn, a senior market analyst at the online-trading platform <a target="_blank" href="https://capital.com/gold-and-silver-recover-from-last-week-s-pullback-but-face-resistance-ahead-of-us-pce">Capital.com</a>, wrote on Tuesday."Whilst it also attracts safe haven demand — even though not as much as its yellow counterpart — its industrial demand has been driving the moves higher given the resilience in <a target="_blank" href="https://fred.stlouisfed.org/series/INDPRO">manufacturing activity in the US</a>," Hathorn added.<h2 id="e5fef072-3c9d-4492-ba53-aec58d8b3d06">Silver is used in solar panels as well as general industry</h2>In particular, <a target="_blank" href="https://www.silverinstitute.org/silver-solar-technology-2/">silver is a key raw material for solar panels</a>. They're in demand amid the world's transition to sustainable energy, and China has raced to manufacture them.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-29/china-s-silver-imports-set-to-jump-as-solar-demand-lifts-prices">Bloomberg</a> reported on Wednesday that China's silver imports hit a three-year high of 390 tons in December and then hit 340 tons in April — well above the monthly five-year average of 310 tons.China's demand for silver is so strong that domestic prices of the precious metal are higher than international prices; Bloomberg reported that this would likely lead to more imports to the East Asian nation in the coming weeks.<a target="_blank" href="https://www.silverinstitute.org/global-silver-demand-forecasted-to-rise-to-1-2-billion-ounces-in-2024/">The Silver Institute</a>, an industry association, said in January that global demand was set to outstrip supply for the fourth straight year in 2024.Other than solar panels, silver is also used in <a target="_blank" href="https://www.silverinstitute.org/silver-and-your-automobile/">electronics, as catalysts in industrial processes, and in car parts</a>.<h2 id="0654f5db-ded6-4bba-8ea6-70a92db686d3">China is overproducing solar panels</h2>Solar panels are a sore spot between the West and China.The US, Europe, and their allies <a target="_blank" href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">accuse China of unfair trade practices</a>, including making and exporting so many solar panels — among other goods — that it's impacting their economies.Beijing has pushed back on the West's claims of overcapacity, saying they're aimed at containing China's economic growth.To be sure, there isn't overcapacity and overproduction in all sectors of China's industry, as a <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-04-02/us-europe-gripes-on-china-overcapacity-aren-t-all-backed-by-data?srnd=all">Bloomberg analysis</a> in April found. The problem is mainly in sectors in which China already had the upper hand over the West, such as lower-tech goods and building materials.China's production of solar panels and batteries also exceeds the demand for them. But the competition doesn't extend to a key emerging area of contention: electric vehicles.The West's hawkish moves toward China now follow the East Asian giant's breakneck industrialization to its position as the factory of the world over the past four decades. That quick ascendance wiped out jobs and decimated communities elsewhere — a phenomenon three researchers termed "<a target="_blank" rel="" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">China shock</a>."

Silver price gains are outshining gold's thanks to China's overproduction of solar panels

Picture this: You're walking down the grocery aisle in 2009. A carton of eggs costs about $1.60, and a pound of ground beef is $2.13. The typical home for sale across the street is about $214,000. Flash forward to today, and the prices for those same goods have shot up to $2.71, $5.47, and $412,000. Prices are up about 45% across the board. But the one thing that has stayed constant? The <a target="_blank" href="https://www.businessinsider.com/current-federal-minimum-wage-is-13-years-old-inflation-impact-2022-7">federal minimum wage</a>, which has been stuck at $7.25 an hour for 15 years.You can see the issue: People making the mandated minimum have far less purchasing power than they once did. The silver lining is that thanks to the reality of the labor market, very few workers actually make $7.25. According to the Bureau of Labor Statistics, of the nearly 80 million workers in the US who are paid hourly rates, only 1.3%, or about 1 million, are paid at or below that federal floor.Given the situation, here's an idea: Why not raise the federal minimum wage right now? It wouldn't be a big deal for businesses, which by and large aren't paying $7.25 anyway, and it would lock in gains that low-wage workers have made in recent years in the event of a downturn. Thanks to the <a target="_blank" href="https://www.nber.org/system/files/working_papers/w25434/w25434.pdf">spillover effect</a> an increase may have, it could also help workers beyond those making the lowest wages and bump up their pay, too.Research suggests a higher minimum wage <a target="_blank" href="https://wpcarey.asu.edu/sites/default/files/documents/Minimum%20Wage%20and%20Individual%20Worker%20Productivity.pdf">can increase worker productivity</a> and lower turnover costs for businesses because workers stick with their employers longer. It could <a target="_blank" href="https://www.epi.org/publication/a-15-minimum-wage-would-have-significant-and-direct-effects-on-the-federal-budget/#:~:text=The%20estimated%20annual%20reductions%20due,2025%20and%20later%20years%20than">reduce government expenditures</a> on public assistance programs and put more money into consumers' pockets for them to <a target="_blank" href="https://ideas.repec.org/a/fip/fedhle/y2013iaugn313.html">increase aggregate household spending</a> and, in turn, boost GDP.Though it seems like a win-win-win for the economy, workers, and even businesses (though many won't say that), Congress has resisted raising the federal minimum wage for the past decade and a half. Getting anything done legislatively is always a challenge, especially in an election year, but <a target="_blank" href="https://www.dataforprogress.org/blog/2023/5/24/725-isnt-cutting-it-in-this-economy-voters-support-raising-the-minimum-wage-to-20-per-hour">polls</a> <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/04/22/most-americans-support-a-15-federal-minimum-wage/">indicate</a> a higher minimum wage is broadly popular. Many states, red and blue, <a target="_blank" href="https://www.businessinsider.com/pay-raise-minimum-wage-increase-january-2024-state-2023-12">have implemented higher wages</a>. Some have even done so by voter referendum, including Nebraska and Florida — not exactly Democratic strongholds. Even if it's not on the 2024 agenda, it could be on the radar in Washington, DC, for 2025."You would think that this would be an uncontroversial policy — just pass a minimum wage, give these workers a higher wage," said Yannet Lathrop, a senior researcher and policy analyst at the National Employment Law Program. "But nothing is easy, obviously, in Washington."The US is in uncharted territory when it comes to federal minimum-wage hikes. This is the longest period that the national floor hasn't increased since it was implemented in 1938.The $7.25 minimum is also out of step with the many states and municipalities that have wage standards separate from — and often above — the federal number. Arizona's minimum, for example, is $14.35, California's $16, Florida's $12, and West Virginia's $8.75. Seattle's minimum wage for large businesses is $19.97, and for smaller ones it's $17.25. Still, several states have a minimum wage that matches the federal one, such as Wisconsin and Iowa, and places like Mississippi and South Carolina have no state minimum wage, meaning $7.25 is the floor.Beyond legal requirements, most businesses are now paying well above $7.25. Part of this is thanks to campaigns like The Fight for $15 — as in a $15 minimum wage — which has for years been a progressive rallying cry and <a target="_blank" href="https://www.businessinsider.com/stimulus-package-pelosi-minimum-wage-increase-coronavirus-relief-2021-2">legislative push</a>. (That <a target="_blank" href="https://www.businessinsider.com/when-will-the-minimum-wage-increase-bernie-sanders-new-bill-2023-5">goal has inched up to $17</a>, which proponents say is necessary <a target="_blank" href="https://www.businessinsider.com/what-15-minimum-wage-may-worth-when-comes-into-effect-2021-2">because of inflation</a>.) But a lot of the recent increases are thanks to the super-tight post-pandemic labor market in which companies in the service and retail sectors raised their base pay in an attempt to woo workers. Walmart's minimum is now $14, and it says its average associate makes over $17.50. Target's starting wages range from $15 to $24. It's not uncommon to see help-wanted signs outside fast-food restaurants and stores advertising $14 or $15 an hour. As <a target="_blank" href="https://www.nytimes.com/2023/08/23/business/economy/minimum-wage.html">The New York Times has pointed out</a>, low-wage workers make more than their state's minimum wage basically everywhere. One of the tricky things standing in the way of a minimum-wage increase is a fear of what mandating higher pay might do to the labor market and the economy. Whenever there are rumblings of a government-ordered wage hike, the business community acts like the sky is falling. They claim that higher paychecks will drive them under — especially the little guys — and cause them to lay off workers en masse. Hyperbole aside, it's not unreasonable to wonder about the risks higher wages may pose. For workers, a $15 wage only matters if they get to keep their jobs.The research on the impact of minimum-wage increases can be a bit of a choose-your-own-adventure situation — you can probably cherry-pick a research paper to back up whatever argument you're making. One <a target="_blank" href="https://www.gov.uk/government/publications/impacts-of-minimum-wages-review-of-the-international-evidence">2019 review</a> of the international literature on the impact of minimum wages found a "very muted effect" on employment and a significant increase in the earnings of low-wage workers. The Congressional Budget Office has a <a target="_blank" href="https://www.cbo.gov/publication/55681">neat little calculator</a> that lets you play around with its estimates of the effects of a federal minimum-wage hike. It predicts it would lift families out of poverty but could also result in some job loss."Even if we have unemployment tick up the next few months, the fact of the matter is with so few workers down around that $7.25 level, an increase is not going to affect that many businesses significantly," said Jacob Vigdor, an economist and professor at the University of Washington who has studied the impact of Seattle's minimum-wage hike in the mid-2010s.Vigdor said his research found a 99.3% survival rate for Seattle businesses, and the labor market when the move was enacted was not as strong as it is now. He found that some workers, particularly those with less experience, saw their hours go down as businesses tried to compensate but that most people still saw a net increase in their paychecks. He said teens looking for their first jobs, in particular, wound up being losers.More-recent hikes, like those for <a target="_blank" class="" href="https://www.businessinsider.com/california-fast-food-minimum-wage-newsom-cutting-jobs-losses-employment-2024-7">fast-food workers in California</a>, also don't seem to have <a target="_blank" class="" href="https://www.businessinsider.com/california-minimum-wage-fast-food-qsr-restaurants-silver-lining-candidates-2024-6">put tons of people out of work</a>."We're not seeing these job losses that are claimed to be inevitable," said Justin Wiltshire, an assistant economics professor at the University of Victoria in British Columbia <a target="_blank" href="https://irle.berkeley.edu/publications/working-papers/minimum-wage-effects-and-monopsony-explanations/">who has studied</a> minimum-wage hikes in New York and California.Michael Reich, an economics professor and the chair of UC Berkeley's Center on Wage and Employment Dynamics, told me that the cost of fast-food wage increases in New York and California were absorbed by small price increases, reduced turnover costs (because employees stayed longer), and reductions in excess profits. He added that much of the time, businesses worry that higher prices will hurt their sales without taking into account that their competitors will raise their prices, too."They're going to be in the same place, competitively, that they were before," he said, "but they often don't have that outlook."David Neumark, an economist at the University of California, Irvine, told me he still thinks a higher minimum would lead to job loss. He acknowledges that the grounds of the labor market have shifted, but he still doesn't think the federal minimum ought to go up — or, if it does, it should be indexed locally and to inflation."It is certainly true that whatever the minimum wage was in any location three years ago or whatever, it is less binding now because wages have gone up," he said.Once the minimum wage gets so high that it starts to cause a bunch of job loss, that's a problem. But what counts as "too high" isn't easily deciphered — and in many places across the country that have raised the minimum, that threshold doesn't seem to have arrived. There are potential trade-offs — a small increase in prices, for example — but it seems like they may be worth it in the name of putting more money in workers' pockets, supporting the economy, and helping businesses keep their staffers around.It is impossible to predict the exact impact of a higher minimum wage at the federal level. A lot of the effect would depend on the labor market, competition, geography, and, importantly, the amount. The new progressive benchmark is $17 an hour, but there's plenty of space between $7.25 and that. Some of the aversion comes down to a simple fear of the unknown. If a higher minimum wage lifts millions of people out of poverty, that's incredible. But you also can't blame some people for worrying they might be one of the unlucky ones who have a hard time finding a new gig because businesses aren't hiring as much. You also can't blame consumers who fret about prices creeping up, even if only by a few cents. The business community has done a good job of messaging that higher pay will be the end of days in a way that really does scare people. But plenty of businesses can afford to pay their workers more, even if that means they profit less.It's <a target="_blank" href="https://www.businessinsider.com/federal-minimum-wage-too-low-every-us-county-inflation-mortgage-2022-3">hard to argue</a> that $7.25 an hour is a livable wage basically anywhere in America. That amounts to about $15,000 a year — less than one-third of the median wage in the country, at the poverty line for individuals, and well below it for families. In one of the richest countries in the world, you shouldn't be able to work a full-time job and still live in poverty. It's good for everyone when low-wage workers have more money in their bank accounts. They spend it, which is a positive for the economy. And workers at the very bottom aren't the only ones helped by a higher minimum."You look at several of the states that do not have minimum wage above $7.25 an hour, and the average earnings of low-wage workers, it's just a lot lower than it is elsewhere," Wiltshire said. "There is more income inequality between the median worker and the lowest-paid worker."Over the past few years, we've seen that the US economy can sustain higher wages. At some point a downturn will hit, and the labor market will be more precarious. When that happens, workers shouldn't have to give back the hard-fought gains they've made over the past few years — especially given the evidence that it's not necessary. Few people have been making $7.25 for a while now. Businesses have survived, as has the economy. There's no good reason not to lock these wins in.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

America is missing a golden opportunity to boost the job market

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> hit a fresh all-time high in the last two trading sessions.</li><li><keyword id="85550" type="General" weightage="20" keywordseo="silver-prices" source="Orion">Silver prices</keyword> also zoomed Rs 1,000 to hit record Rs 81,700 per kg.</li><li>In the international markets, spot gold at COMEX was trading at USD 2,297 per ounce.</li></ul>New Delhi, Gold prices surged by Rs 850 to reach a new peak of Rs 70,050 per 10 grams on Thursday on strong global cues, according to HDFC Securities. This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at Rs 69,200 per 10 grams. Silver prices also zoomed Rs 1,000 to hit record Rs 81,700 per kg. In the previous session, it had finished at Rs 80,700 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 70,050 per 10 grams, up by Rs 850, amid a bullish trend in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at COMEX was trading at USD 2,297 per ounce, up by USD 22 from the previous close. Gold touched yet another record after Federal Reserve Chair Jerome Powell confirmed that an interest rate cut would likely be appropriate "at some point this year". Traders focus on rate cuts rather than the timing of the first rate cut, Gandhi said. Silver was also trading higher at USD 27.05 per ounce. It had closed at USD 26.25 per ounce in the previous session. "Gold continues to hover around its all-time high levels on the back of weakness in the dollar amid uncertainty over US interest rate cuts, while increased safe-haven demand also aided prices. "Additionally, silver prices too marked an all-time high on the domestic front, amidst a sharp rally in industrial metals," Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said. Persistent geopolitical tensions in the Middle East and between Russia and Ukraine, coupled with a devastating earthquake in Taiwan, spurred safe haven plays into bullion and other precious metals, Damani added. According to Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, "Major US economic data, including weekly jobless claims to be released on Thursday, will provide more insights on the US Federal Reserve's monetary policy outlook". Investors will also look forward to services and composite PMIs out of the UK and the Eurozone, Singh added.

Two sessions, two new peaks: Gold hits fresh all-time high of ₹70,000/10 gm

<ul class="summary-list"><li>US stocks started the week slightly higher as investors assessed the path of interest rates</li><li>Fed Chairman Powell hinted at imminent rate cuts, but the timing and depth of cuts is uncertain. </li></ul>US stocks traded slightly higher on Monday as investors assess the potential path of future interest rate cuts from the Federal Reserve.Fed Chairman Jerome Powell indicated that interest rate cuts were imminent in his speech at Jackson Hole on Friday, uncertainty remains as to how aggressive the Fed will be in cutting rates.While the CME FedWatch Tool sees a 100% chance of a Fed rate cut in September, there's a 65% chance of a 25 basis point rate cut and a 35% chance of a 50 basis point rate cut."Fed Funds Futures are discounting a steady diet of rate cuts over the next 12 – 16 months that eventually end with policy rates equal to the neutral rate. That is consistent with further economic growth, not recession," DataTrek Research co-founder Nicholas Colas said in a note on Monday.The future path of inflation and the resilience of the labor market will determine the path and intensity of interest rate cuts.Investors will get their next inflation reading on Friday with the release of the PCE Index, which is considered the Fed's most preferred inflation gauge.For the current state of the jobs market, investors will pay attention to the weekly release of initial jobless claims on Thursday, followed by the August jobs report next week.Aside from the Fed, investors are paying close attention to the tail-end of second-quarter earnings, with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock?miRedirects=1">Nvidia</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/crm-stock?miRedirects=1">Salesforce</a> set to report earnings on Wednesday after the market close. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,650.10, up 0.27% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,341.81, up 0.4% (+166.73 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,897.72, up 0.11% </li></ul>Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-crisis-gen-x-boomers-social-security-401k-pensions-2024-8">Meet the 'silver squatters' who are woefully unprepared for retirement.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/harris-housing-plan-affordability-crisis-shortage-presidential-election-down-payment-2024-8">Kamala Harris needs to align two key parts of her housing plan if she wants to fix the affordability crisis.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-economic-plan-price-controls-gouging-food-inflation-election-2024-8">Here's what economists are saying about Kamala Harris' plan to clamp down on food inflation.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil increased 3.13% to $77.17 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, jumped 2.78% to $81.22 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.59% to $2,561.40 an ounce.</li><li>The 10-year Treasury yield dipped two basis points to 3.786%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dropped 0.68% to $63,830.</li></ul>

Stock market today: US stocks edge higher as investors assess path of Fed rate cuts     

<ul class="summary-list"><li>A rally in the global bond market has prompted investors to look closer at emerging markets bonds. </li><li>Many countries have borrowing costs fall, easing debt crises and making funding more available. </li></ul>Countries once shunned by international bond investors are seeing a newfound rush into their debt markets. <a href="https://www.ft.com/content/c2572557-f8c8-4653-afda-bf922e4e1694" target="_blank" rel="noopener">A report in The Financial Times this week</a> notes that recent bullishness in the bond markets over the past few months, combined with the potential for rate cuts from the US central bank, has driven a risk-on shift to emerging markets debt. Borrowing costs for countries including Angola, Egypt, El Salvador, and Iraq, among others, have fallen in recent years, paring back concerns of a debt crisis in some countries as funding becomes more available. Heading into 2024, accommodative monetary policy, declining inflation, and a weaker US dollar hinted at a stronger year for emerging markets, AllianceBernstein <a href="https://www.alliancebernstein.com/corporate/en/insights/investment-insights/emerging-market-debt-outlook-2024-turning-the-corner.html" target="_blank" rel="noopener">wrote in a note</a> this month. The firm predicted more than 70% of emerging markets countries will achieve fiscal stability or see an improvement in 2024 by balancing fiscal and monetary policies. China wields significant influence over emerging markets, and concerns have been raised about its economic slowdown acting as a headwind for EM debt, the note stated. The world's second-largest economy has been ailing, and this week officials rolled out the largest <a href="https://markets.businessinsider.com/news/stocks/china-economy-outlook-liquidity-pboc-stimulus-stock-market-yuan-2024-1?_gl=1*17v4max*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNjI3OTc2MC4yNS4xLjE3MDYyODc2OTMuNTAuMC4w">"economic first aid package" in two years</a>, including a $140 billion liquidity injection into its banking system via a reduction in reserve requirement. It's also <a href="https://markets.businessinsider.com/news/stocks/china-outlook-economy-beijing-stock-market-rescue-property-real-estate-2024-1?_gl=1*qs0uoh*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNjI3OTc2MC4yNS4xLjE3MDYyODcyMzAuMzAuMC4w">weighing a $278 billion rescue package</a> to stabilize its stock market and restore investor confidence. The AllianceBernstein note points out a silver lining to China's troubles, which is that moderating growth in China provides opportunities for other large emerging market countries, such as India, to meet investor demand. Yet concerns still linger about the potential for emerging market debt defaults. Experts say that lower borrowing costs don't guarantee these countries won't default.

Emerging market debt woes may be easing as bond market rally drives frenzy of investor demand

Price pressures seem entrenched in many economies, including <keyword id="6359891" type="General" weightage="20" keywordseo="emerging-markets" source="Orion">emerging markets</keyword>, and upside <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> risks are sizeable, said <keyword id="154034" type="General" weightage="20" keywordseo="Gita-Gopinath" source="Orion">Gita Gopinath</keyword>, First Deputy Managing Director at <keyword id="6366068" type="General" weightage="20" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (IMF), adding that central banks must keep their monetary policies tight. Gopinath was addressing the Annual Conference of the Central Bank of Brazil in Brasilia on Wednesday (local time). "...markets are probably too optimistic about what it will take to bring down inflation in EMs. Despite encouraging signs, I am worried that price pressures seem entrenched in many economies and that upside inflation risks are sizeable," she said at the conference. Hence, she said central banks must remain resolute in keeping policies tight and recognize that insufficient monetary tightening now may necessitate even more painful actions down the road - a lesson from the high inflation period of the 1970s that very much applies today. "Fiscal restraint can help support the fight against inflation by central banks. And financial tools--judiciously used--can improve trade-offs in the event of pronounced financial stress." She stressed on the fact that challenges are global, but are more heightened for emerging markets. Hence, it is critical for emerging market authorities to refine and strengthen their monetary, fiscal, and financial policy frameworks. However, there is a silver lining for the emerging markets as they have thus far proven resilient to their own policy tightening and tightening by advanced economies, where rates have risen at the sharpest pace in several decades. The US central bank's current policy rate, which is now in a target range of 5.0-5.25, is the highest in several years, and notably, it was near zero in the early part of 2022. Raising <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> typically helps in cooling demand in the economy and thus helps in managing inflation. Growth in emerging markets remained strong through last year and is expected to hold up reasonably well this year, while capital outflows have been limited, Gopinath added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/sbi-q4-2022-23-results-indias-largest-lender-posts-highest-ever-quarterly-net-profit-of-16695-crore/articleshow/100327874.cms">SBI Q4 results: India’s largest lender posts record quarterly net profit of ₹16,695 crore, up 83% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ethnic-apparel-brand-manyavars-stock-under-pressure-as-promoter-to-offload-stake/slidelist/100324527.cms">Ethnic apparel brand Manyavar’s stock under pressure as promoter to offload stake</a>

Upside risks for inflation sizable, central banks must stay resolute: IMF's Gita Gopinath

New Delhi, Gold plunged Rs 350 to Rs 59,650 per 10 grams in the national capital on Wednesday amid weak cues in global markets, according to HDFC Securities. The yellow metal had ended at Rs 60,000 per 10 grams in previous trade. "Gold declined on Wednesday, with spot <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> (24 carats) in the Delhi markets trading at Rs 59,650/10 gram, down by Rs 350 in response to bearish cues from overseas markets," <keyword id="1335996" type="General" weightage="80" keywordseo="saumil-gandhi" source="Orion">Saumil Gandhi</keyword>, Senior Analyst of commodities at HDFC Securities, said. Silver also nosedived Rs 1,000 to Rs 73,400 per kg. In the international markets, both gold and silver were down at USD 1,911 per ounce and USD 22.94 per ounce, respectively. Gold slipped to a more than two-week low amidst an uptick in yields and as investors are also positioning for the US inflation data scheduled later on Wednesday, which could offer insights on whether the Fed Reserve will further hike interest rates this year, <keyword id="377165" type="General" weightage="80" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior Vice-President of commodity research at Motilal Oswal Financial Services, said.

Gold plunges ₹350; silver nosedives ₹1,000 on weak global cues

<keyword id="35271" type="General" weightage="20" keywordseo="gold-price" source="Orion">Gold price</keyword> tumbled Rs 480 to Rs 58,770 per 10 gram in the national capital on Wednesday amid a fall in rates of the precious metal internationally, according to <keyword id="11837714" type="DOMAIN" weightage="20" keywordseo="hdfc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hdfc" meta.entityname="Housing Development Finance Corporation Ltd." meta.entityid="13640" meta.seoname="housing-development-finance-corporation-ltd">HDFC</keyword> Securities. The yellow metal had settled at Rs 59,250 per 10 gram in the previous trade. <keyword id="35264" type="General" weightage="20" keywordseo="silver" source="Orion">Silver</keyword> also declined Rs 345 to Rs 68,850 per kilogram. "Spot gold prices in the Delhi markets traded at Rs 58,770 per 10 gram, down Rs 480 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. In the overseas market, both gold and silver were quoting lower at USD 1,939 per ounce and USD 22.34 per ounce, respectively. Comex gold prices traded lower in Asian trading hours on Wednesday after prices corrected by almost 1.80 per cent in the previous session. In the last two sessions, comex gold price fell more than 3 per cent from its recent peak of USD 2,010 per ounce as fear of banking crisis eased and investors trimmed their position before the Federal Reserve policy outcome later on Wednesday, Gandhi said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-reduces-fare-of-ac-3-tier-economy-tickets/articleshow/98908343.cms">Indian railways reduces fare of AC-3 tier economy tickets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsoft-introduces-bing-image-creator-powered-by-openais-dall-e/articleshow/98908149.cms">Microsoft introduces 'Bing Image Creator' powered by OpenAI's DALL-E</a>

Gold price tumbled by ₹480 to ₹58,770 per 10 gram on Wednesday

<ul><li>The strong September jobs report confirmed that good economic news is still bad news for the stock market.</li><li>But there is a silver lining to the jobs numbers, according to investment manager Louis Navellier.</li><li>The continued economic strength "should lead to a better earnings season," he said.</li></ul>US stocks plunged on Friday following <a href="https://www.businessinsider.com/september-jobs-report-263k-payrolls-unemployment-rate-hiring-labor-market-2022-10">September's strong jobs report</a>, with the <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> falling as much as 4%, while the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> fell nearly 3% at its lows.Friday's stock market action once again served as a reminder to investors that good economic news is still bad news for the stock market, as it validates the Federal Reserve's hawkish policy stance towards interest rates. But there is a positive takeaway from the latest data, according to investment manager Louis Navellier."The silver lining to continued economic strength is that it should lead to a better earnings season," he said on Friday. And investors will likely cheer continued corporate earnings resilience as they prepare for third-quarter results later this month.The Labor Department's report showed the US economy added 263,000 new jobs last month, which was ahead of expectations for 255,000 and helped push the unemployment rate back down to 3.5% from 3.7%. Some investors are <a href="https://markets.businessinsider.com/news/currencies/soaring-us-dollar-spark-fed-pivot-stocks-earnings-recession-rates-2022-10">waiting for a drop in earnings expectations</a> before buying stocks, and the strong economic forecasts make for predicting 2023 results more challenging "as the impact of higher interest rates and quantitative tightening ripple through the economy," Navellier said.The mix of rising rates and <a href="https://markets.businessinsider.com/news/bonds/bond-market-volatility-2008-levels-fed-balance-sheet-runoff-treasuries-2022-9">the reduction of the Fed's $9 trillion balance sheet</a> at a time when the economy remains strong is difficult for investors to navigate because it's something they "can't characterise easily with anything from the recent past," he added.Navellier expects third-quarter GDP to be positive and that earnings "should not be surprisingly weak." But there will be some pockets of weakness, as the impact of a strong dollar on international sales and profits will weigh down multinational companies. Additionally, higher interest rates hurt real estate and auto companies as their customers must make bigger monthly payments.Despite the likely strong third-quarter earnings results, not fighting the Fed remains the winning strategy for investors, and that means "companies with solid earnings in an inflationary, rising interest rate economy will be the only safe ground for the next couple of quarters," according to Navellier.

You Searched For "international silver market" and got 13 results

Gold prices today: Yellow metal climbs Rs 230 while silver jumps Rs 700

PTI

Sitharaman announces cut in customs duty on gold, silver to 6%

PTI

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

PTI

Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300

PTI

Silver price gains are outshining gold's thanks to China's overproduction of solar panels

Huileng Tan

America is missing a golden opportunity to boost the job market

Emily Stewart

Two sessions, two new peaks: Gold hits fresh all-time high of ₹70,000/10 gm

PTI

Stock market today: US stocks edge higher as investors assess path of Fed rate cuts

Matthew Fox

Emerging market debt woes may be easing as bond market rally drives frenzy of investor demand

Yuheng Zhan

Upside risks for inflation sizable, central banks must stay resolute: IMF's Gita Gopinath

ANI

Gold plunges ₹350; silver nosedives ₹1,000 on weak global cues

PTI

Gold price tumbled by ₹480 to ₹58,770 per 10 gram on Wednesday

PTI

Good news is still bad news for the stock market, but there is a silver lining to Friday's strong jobs report

Matthew Fox

Popular Keywords

Buying Guides