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Gold slides Rs 1,600 to Rs 1.52 lakh per 10 gm as oil surge, firm dollar deepen bullion selloff

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Gold slides Rs 1,600 to Rs 1.52 lakh per 10 gm as oil surge, firm dollar deepen bullion selloff

New Delhi, Sep 24: Gold prices declined Rs 1,600 to Rs 1.52 lakh per 10 grams in the national capital on Thursday, extending the losing streak for the fourth consecutive session, as the rising US dollar and higher crude oil prices weighed on the precious metal.

The yellow metal of 99.9 per cent purity depreciated by Rs 1,600 to Rs 1,52,400 per 10 grams, inclusive of all taxes, from Wednesday’s closing level of Rs 1.54 lakh per 10 grams, according to local traders.

Silver, meanwhile, saw a downward momentum after remaining unchanged for the past two sessions, tumbling Rs 5,000 to Rs 2.37 lakh per kilogram (inclusive of all taxes). The white metal had settled at Rs 2.42 lakh per kg in the previous session.

The continued selloff in gold pushed the metal deeper into a four-session decline, with traders attributing the weakness to weak global trends and profit-booking at elevated levels.

Silver took a bigger hit as its greater volatility and exposure to industrial demand amplified the selling pressure, ending the day well below its previous close, traders said.

The rupee’s slide to 95.96 against the US dollar offered some cushion to domestic bullion prices, limiting the extent of the decline, they added.

According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, domestic gold prices edged lower amid weak global cues and subdued retail demand.

He noted that a stronger US dollar and rising Treasury yields continued to weigh on precious metals.

The pressure was equally visible in the overseas markets, where spot gold fell USD 33.74, or nearly 1 per cent, to USD 4,253.61 per ounce, while silver depreciated by 1.4 per cent to USD 63.56 an ounce.

A spike in crude oil prices turned into another headwind for the precious metals.

“The metal has slipped below USD 4,274 an ounce in global markets as crude oil leapt higher on supply concerns from West Asia,” said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.

Rising US Treasury yields and the dollar index moving above the 101 mark, close to a two-month high, further intensified pressure on precious metals, he said.

Market participants are now pricing in a 70 per cent probability of a Federal Reserve rate hike at its October meeting, Singh added.

Meanwhile, geopolitical risks remained firmly in focus.

Iranian President Masoud Pezeshkian told the UN General Assembly that Tehran was a victim of terrorism and would not surrender.

The British military’s UK Maritime Trade Operations centre said a cargo vessel was struck by an unknown projectile in the Strait of Hormuz on Wednesday, intensifying the concerns over the crisis in the West Asia region.

The rising uncertainties over the opening of the Hormuz route propelled Brent crude to USD 106 per barrel, analysts said, cautioning that higher energy prices could fuel inflation and leave global central banks with less room to ease monetary policy.

Investors were also looking toward a high-stakes meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the White House, with trade, AI and the Iran war expected to figure in the talks.

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Assembly rejects bill seeking compulsory govt schooling for children of public servants, ministers

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Assembly rejects bill seeking compulsory govt schooling for children of public servants, ministers

Srinagar, Sep 24: The Jammu and Kashmir Legislative Assembly on Thursday rejected a Private Members’ Bill that proposed to make it obligatory for public representatives and public servants to educate their children in government institutions.

The Bill was moved by MLA Langate Sheikh Khursheed Ahmad and titled “A Bill to make it obligatory for the Public Men and Public Servants to educate their children in Government educational institutions and for matters connected therewith or incidental thereto” (L.A. Private Members’ Bill No. 22 of 2025).

Opposing the Bill, Minister for School Education Sakeena Itoo said the government is already taking several steps to increase enrolment in government schools where capable and hardworking teachers are serving. She said meetings have also been held in this regard and emphasised that such a measure could not be enforced through compulsion.

The Minister said legislation alone would not address the issue and that improving enrolment and strengthening government schools requires collective effort and shared responsibility.

She urged the MLA to withdraw the Bill. However, Sheikh Khursheed declined.

Subsequently, Speaker Abdul Rahim Rather put the Bill to vote and it was defeated by voice vote. (GNS)

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Sajad Lone in J&K Assembly

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Sajad Lone in J&K Assembly

Srinagar, Sep 24: Peoples Conference chief Sajad Lone on Thursday alleged that elected representatives were being “undermined and humiliated” and an “accidental minister” was overriding their recommendations on local development projects in their constituencies.

Raising the issue on the floor of the House, Handwara MLA Lone asked the speaker what recourse the House would offer if the mandate of its members continues to be “disregarded”.

“Do we have rights as MLAs? Do we have the right to decide on works in our constituencies? I have given a list of roads, but they have overruled that and they do their own (thing),” Lone said during the Zero Hour of the assembly.

Without taking any names, Lone said he will not allow “accidental ministers” to decide matters related to his constituency. They will not be allowed to “walk over us”, he said.

The MLA stressed that while the sanctity of lawmakers flows directly from the assembly, the legislators would not hesitate to look for other options, including taking to streets, if their constitutional position is compromised.

“If today there is breach of privilege, what will you do? The other options we have is to go to streets or approach Centre or the LG. Our sanctity comes from this House,” he said.

BJP MLA BalwantŒ Singh Mankotia seconded Lone, saying “this is happening everywhere”.

However, Speaker Abdul Rahim Rather asked Lone to submit a notice for breach of privilege if he deems fit.

“You can give a notice for breach of privilege. Then I will take action on that. There is a procedure,” the speaker said.

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CJP threatens ‘Jantar Mantar 2.0’ if CEC Gyanesh Kumar does not resign

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CJP threatens ‘Jantar Mantar 2.0’ if CEC Gyanesh Kumar does not resign

New Delhi, Sep 24: The Cockroach Janta Party (CJP) on Thursday demanded the resignation of Chief Election Commissioner Gyanesh Kumar for “undermining” voter rights, and warned of a nationwide agitation, including “Jantar Mantar 2.0”, if he does not step down within 48 hours.

Speaking at a press conference here, CJP founder Abhijeet Dipke alleged that the electoral process had been “rigged” and the right to vote was being taken away from citizens.

“If Gyanesh Kumar does not resign within 48 hours, we will start a nationwide protest, before coming for a protest in Delhi,” Dipke said, adding that if the CEC doesn’t resign, “Jantar Mantar 2.0 will definitely happen”.

He also said opposition parties should not participate in polls if they believe they are being rigged.

“If you know elections are being rigged, you cannot participate. You will have to take a stand,” he said.

Dipke alleged that Kumar was the “biggest threat to Indian democracy” and accused the EC of deciding who would be allowed to vote.

“Who is Gyanesh to revoke our right to vote?” he said, calling for criminal proceedings against him.

The remarks came a day after The Indian Express revealed that questions were repeatedly raised on issues related to the Special Intensive Revision (SIR) of electoral rolls within the three-member Election Commission (EC) by two of the three election commissioners, Sukhbir Singh Sandhu and Vivek Joshi.

The national rollout of the SIR has been under the supervision of all three commissioners. But Sandhu and Joshi have formally objected, on record, at least 14 times over the last 10 months four times on a single day to decisions taken and orders issued, they say, without their knowledge, according to the report in the English daily.

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J&K working on establishing AI centre of excellence

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J&K working on establishing AI centre of excellence

Srinagar, Sep 24: The Jammu and Kashmir government has set in motion plans to establish an Artificial Intelligence Centre of Excellence, adopting a phased roadmap to build a regional AI ecosystem and advance its digital transformation agenda, the legislative assembly was informed on Thursday.

In a written reply to Zadibal MLA Tanvir Sadiq, the government said it is promoting AI and other emerging technologies in the Union territory as part of its broader digital transformation and technology-enabled development initiatives.

“A phased and coordinated approach has been adopted for development of an AI ecosystem encompassing technological infrastructure, capacity building, skill development, research, innovation, entrepreneurship and deployment of Al-based solutions across different sectors,” it said.

It said the Department of Information Technology, being the nodal department for IT and digital initiatives in J&K, is facilitating various initiatives in collaboration with Ministry of Electronics and Information Technology, IIT Jammu, Bhaskaracharya National Institute for Space Applications and Geo-informatics, academic institutions, industry and other stakeholders.

“The Department has initiated the process for establishment of an AI Centre of Excellence in J&K, equipped with advanced AI laboratory and computing infrastructure, incubation and innovation facilities, and support for research, skilling and development of AI-based solutions,” the government said.

It also said that a whole-of-government approach is being pursued for identification and implementation of suitable AI use cases in different departments, with emphasis on improving efficiency of processes, evidence-based decision-making and citizen-centric service delivery.

“The Government is also exploring development of IT/ITeS (Information Technology Enabled Services) infrastructure and IT Park in the UT, while leveraging existing institutional facilities such as it is and Polytechnics for imparting AI skills and facilitating access to laboratory and learning centres,” the government said.

Accordingly, it added, that AI Labs, AI Learning Centres and Centres of Excellence are proposed to be promoted at appropriate institutions and locations in a phased, need-based and resource-specific manner, subject to availability of infrastructure, technical expertise and funds, with emphasis on optimal utilisation of existing facilities and creation of sustainable AI capabilities across the UT.

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J-K govt approves six free gas cylinders for AAY families; BJP says ruling party promised 12

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J-K govt approves six free gas cylinders for AAY families; BJP says ruling party promised 12

Srinagar, Sep 24: Jammu and Kashmir Minister Satish Sharma on Thursday informed the assembly that the government has approved six free gas cylinders for AAY families in the Union territory, an announcement that triggered noisy scenes with the opposition BJP accusing it of reneging on its promise of providing 12 cylinders.

“I want to inform the House that the six free gas cylinder scheme has got approval of authority concerned. Details will be shared shortly,” Sharma, the Minister for Food, Civil Supplies and Consumer Affairs, said.

While the announcement was welcomed by the treasury benches by thumping of desks, the opposition BJP members shouted slogans against the government, leading to noisy scenes.

“This is cheating. The ruling party had promised 12 free cylinders,” the BJP members said.

“The government has promised 12 free cylinders to all households. This six cylinders is a ‘dhoka’ (cheating). You have cheated in the name of cylinders, electricity and rations,” Leader of the Opposition, Sunil Sharma, said.

He accused the government of misleading” the poor.

“How long will this continue,” he questioned, as the ruckus continued.

The noisy arguments between the treasury and the opposition benches continued for some time, but later, Speaker Abdul Rahim Rather restored order in the House and took up the remaining business for the day.

Antyodya Anna Yojna (AAY) scheme is for the poorest of the poor families.

Earlier, the House had witnessed uproar over the issue of Schedule Tribe-2 reservations during Zero Hour.

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Noisy scenes in J&K Assembly as BJP corners govt over free gas cylinders’ promise

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Noisy scenes in J&K Assembly as BJP corners govt over free gas cylinders’ promise

Srinagar, Sep 24: The Jammu and Kashmir Legislative Assembly witnessed noisy scenes on Thursday afternoon as the Bharatiya Janata Party (BJP) raised slogans against the Omar-led government over the promise of 12 free gas cylinders to AAY-category families made by the ruling party in its election manifesto.

Reacting, Minister Satish Sharma announced in the House that the policy to provide six free gas cylinders to AAY-category families had been approved.

BJP MLAs said, “The government made a promise of 12 cylinders, and now, after two years, you are giving six cylinders.”

Thereafter, BJP legislators raised slogans such as “6 cylinders kahan gaye” and “Cylinder chor hai haai” in the Assembly.

Leader of Opposition Sunil Sharma stood up and said, “The common people will not forgive the government over its false promises.”

NC members reacted and raised slogans, “Chanda chor beth jawo.”

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Sensex tanks over 600 points in early trade; crude oil trades above USD 100 per barrel

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Sensex tanks over 600 points in early trade; crude oil trades above USD 100 per barrel

Mumbai, Sep 24: Benchmark indices Sensex and Nifty tumbled in early trade on Thursday as crude oil prices surged above the USD 100 per barrel mark.

Selling in banks, NBFC stocks and weak trends in global markets also dented markets’ sentiment.

The 30-share BSE Sensex tanked 632.68 points to 74,189.55 in early trade. The 50-share NSE Nifty dropped 216.15 points to 23,222.55.

Among the 30 Sensex firms, Bajaj Finance dropped 4.75 per cent, while Bajaj Finserv declined 3.49 per cent.

Axis Bank, InterGlobe Aviation, Kotak Mahindra Bank and HDFC Bank were also among the major laggards.

However, Tech Mahindra, Sun Pharma, HCL Tech, ICICI Bank and Tata Consultancy Services were the winners.

Brent crude, the global oil benchmark, traded 0.90 per cent lower but reached above at the USD 100 per barrel mark to quote at USD 102.2 per barrel.

“The sharp spike in Brent crude above USD 102 and the US 10-year bond yield rising to 5.11 per cent will weigh on the market today. So long as these two global headwinds remain, the prospects of a smart recovery in the market appear remote. Today the market’s focus will be on the NSE listing,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

National Stock Exchange (NSE) is making its market debut on Thursday. The Rs 22,569 crore IPO of NSE received an overall subscription of 5.71 times.

In Asian markets, Nikkei 225 index quoted in positive territory, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded lower.

US markets ended lower on Wednesday.

“A rebound in crude oil prices amid renewed uncertainty surrounding the US-Iran diplomatic process, coupled with a rise in US Treasury yields, is likely to prompt some profit-taking after the market’s recent gains. WTI crude is currently trading around USD 91–92 a barrel, while Brent has climbed back above the USD 100 mark. Wall Street closed sharply lower, while Asian markets are showing mixed trends in early trade,” Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,617.45 crore on Wednesday, according to exchange data.

On Wednesday, the Sensex climbed 299.17 points, or 0.40 per cent, to settle at 74,828.25. The Nifty was up 117.80 points, or 0.50 per cent, to end at 23,446.80.

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Speaker pulls up transport minister over allotment of vehicles to officers

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Speaker pulls up transport minister over allotment of vehicles to officers

Srinagar, Sep 24: Speaker of the J&K Legislative Assembly Abdul Rahim Rather on Thursday pulled up the transport minister Satish Sharma over  utilisation of multiple vehicles by officers holding charge of more than one department, saying that “J&K is a poor state and we can’t afford luxuries”.

Minister was replying to a question raised by BJP MLA R S Pathania regarding the utilisation of multiple vehicles by the officers having charge of multiple departments.

Pathania asked the government if the Government has strictly enforced or proposes to enforce “One Officer One Vehicle” ceiling across all the Departments/ PSUs/ Boards/ Autonomous Bodies to curb retention of multiple official vehicles.

While replying the question, transport minister informed the House that at present, there is no specific Government PolicY Prescribing a uniform ceiling for  allotment/retention of official vehlcles  by individual officers across all the departments of the J&K government.

“However,  the Revised Car Policy is presently under considerationof the Government, wherein it has beenproposed to introduce the principle of One Vehicle-One Officer,” he said.

He informed the House that the proposed policy shall also provide for such specific exceptions as may be considered necessary by the government, keeping in view security requirements, field duties, additional assignments/charges, operational exigencies and the functional req-uirements of Pa rticularr departments/organizations’after approval of the Revised Car Policy by the Government.

“The provisions there of shall be implemented across the concerned Departments/ PSUs/ Boards/ Autonomous Bodies as Per the approved policy. The proposed “One Vehicle -one officer” principle is thus intended to ensure rationalization of Government vehicles, optimum utilization of availabpe resources.

After the minister read out the reply, Speaker intervened and asked the minister about the action taken in the matter.

“You said that a high level committee has been constituted in the matter on September 1, 2026. Tell me what have you done in these 24 days. Why are you delaying the process. Will you take another two months to resolve the matter,” speaker told sports minister with directions to inform the House about the action taken in the matter.

To this, transport minister said that he will come with a detailed report.

“It is a legacy issue. But I will present the action taken report in the House,” he added.

Speaker replied saying: “what if the legacy issue is followed wrongly, will you continue it? Inform the House in the ongoing session with your action taken report.” 

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Nine killed, 20 rescued as bus catches fire on Yamuna Expressway in Greater Noida

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Nine killed, 20 rescued as bus catches fire on Yamuna Expressway in Greater Noida

Noida, Sep 24: Nine passengers were killed after a bus travelling from Delhi to Mahoba in Bihar caught fire on the Yamuna Expressway in Greater Noida, officials said on Thursday.

They said 20 passengers were rescued safely during the incident that took place on the intervening night of Wednesday and Thursday.

Chief Fire Officer Pradeep Kumar said the bus, bearing registration number BR32PA8647, was travelling from Kashmere Gate in New Delhi towards Mahoba when it caught fire near the 33-km milestone on the expressway in the Jewar police station area.

“On receiving information, police officials along with local police personnel, a rescue tender, a fire tender stationed at the Jewar toll plaza and four other fire tenders immediately reached the spot and doused the fire,” Kumar said.

“More than 20 passengers were rescued safely during the operation. When the police and fire service personnel entered the bus amid the smoke, nine people were found dead inside, apparently due to burns or suffocation,” he added.

Kumar said a preliminary investigation indicated that a spark or blast in the air-conditioning system of the bus might have caused the engine lubricant oil to catch fire, following which the blaze spread rapidly.

Police said they are making efforts to identify the nine deceased.

“A case has been registered under relevant sections and the driver and conductor have been taken into custody,” police said in a statement.

Uttar Pradesh Chief Minister Yogi Adityanath has taken cognisance of the incident and announced financial assistance of Rs 2 lakh each to the families of the deceased, police said.

He has also directed officials to ensure proper treatment of the injured and to provide all possible assistance to the bereaved families.

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