分类： business

Gold prices in Dubai have surged to unprecedented levels, with 24K gold reaching Dh510 per gram on Thursday, marking a significant increase of Dh25.75 over the week. This upward trend has been consistent, setting new record highs for four consecutive days. Similarly, 22K gold rose to Dh472.25 per gram, reflecting a Dh24 increase since the beginning of the year. Other variants, including 21K and 18K, were trading at Dh452.75 and Dh388.25 per gram, respectively, at the market opening on Thursday. Globally, spot gold was priced at $4,231.5 per gram, up by over one percent. According to Pepperstone, a leading brokerage firm, gold’s remarkable rally continues, driven by a weaker dollar and expectations of rate cuts. The metal has seen a 15 percent surge over the past month, with minimal pullbacks, indicating strong demand from both institutional and retail investors. Analysts suggest that gold is increasingly viewed as a core component of diversified portfolios, particularly amid concerns over elevated US equity valuations and potential tech bubbles. While short-term pullbacks may occur, the broader trend remains firmly upward.

Galeries Lafayette, the iconic French luxury department store, is making its grand entry into India with the opening of its first flagship store in Mumbai’s historic Fort area. This strategic move marks a significant milestone in the brand’s international expansion, as it seeks to capitalize on India’s rapidly growing luxury market. The store, spanning five levels and 90,000 square feet, is set to open in early November, with plans for another location in Delhi. Partnering with the Aditya Birla Group, Galeries Lafayette aims to offer an unparalleled shopping experience, featuring over 250 global luxury brands, private lounges, and concierge services. Nicolas Houzé, Executive Chairman of Galeries Lafayette Group, described the launch as a ‘defining moment’ and ‘a new chapter’ in the brand’s 130-year history. India’s luxury market, currently valued at $17 billion, is projected to soar to $85 billion by 2030, driven by increasing wealth creation and a shift in consumer preferences. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, highlighted the growing appetite for high-end experiences among India’s affluent population. However, despite the booming luxury sector, income inequality remains a significant challenge, with a vast majority of the population unable to afford discretionary spending. This has led brands to focus on premium offerings catering to the wealthy, while mass-market demand remains subdued. Galeries Lafayette’s entry into India reflects a broader trend of global luxury brands targeting the country’s burgeoning high-end market.

India is actively pursuing increased imports of crude oil and natural gas from the United States as part of its strategy to diversify energy sources and address criticism from U.S. President Donald Trump regarding its purchases of discounted Russian oil. Trump claimed on Wednesday that Indian Prime Minister Narendra Modi had personally assured him India would cease buying Russian oil, a move that could intensify pressure on Moscow to negotiate an end to the Ukraine conflict. However, India’s foreign ministry did not directly address Trump’s remarks, instead emphasizing its commitment to safeguarding Indian consumers’ interests in a volatile energy market.

Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest semiconductor manufacturer, announced on Thursday a staggering 40% surge in net profit for the July-September quarter, fueled by the growing demand for artificial intelligence (AI) technologies. The company reported a record-breaking net profit of 452.3 billion new Taiwan dollars ($15 billion), surpassing analysts’ expectations. This remarkable performance follows a 30% year-on-year increase in revenue for the same period.

India, a key exporter of garments, shrimp, and gems and jewellery to the United States, has witnessed a dramatic decline in its goods exports to its largest foreign market. Data reveals a sharp 20% drop in September alone, with a staggering 37.5% decline over the past four months, as the impact of steep US tariffs intensifies. The tariffs, which include a 50% levy on Indian goods and an additional 25% penalty for India’s continued oil purchases from Russia, took full effect in August. Ajay Srivastava of the Global Trade Research Initiative (GTRI) noted, ‘The US has become India’s most severely affected market since the tariff escalation began.’ Labour-intensive sectors such as textiles, gems and jewellery, engineering goods, and chemicals have borne the brunt of these measures, suffering significant losses. The decline in exports has also exacerbated India’s trade deficit, which surged to a 13-month high of $32.15 billion in September. While improved trade with countries like the UAE and China has partially offset the US export slump, negotiations between India and the US remain fraught with challenges. Talks resumed last month after a prolonged stalemate, with an Indian delegation currently in the US. Despite claims by former US President Donald Trump that Indian Prime Minister Narendra Modi agreed to halt Russian oil imports, the Indian foreign ministry described discussions as ‘ongoing,’ emphasizing US interest in deepening energy cooperation. Key trade disputes, particularly over access to India’s agriculture and dairy sectors, persist. Washington views India’s farm sector as a lucrative untapped market, but New Delhi has staunchly defended its protectionist stance, citing food security and the livelihoods of millions of small farmers. Bilateral trade between the two nations reached $190 billion in 2024, with ambitious targets to more than double this figure to $500 billion.

Most Asian stock markets experienced an upward trajectory on Thursday, mirroring the gains observed on Wall Street after a volatile trading session. U.S. futures remained largely unchanged, while oil prices saw an increase. Japan’s Nikkei 225 index climbed 0.8% to 48,069.71, buoyed by a robust start to the earnings season and growing expectations of U.S. interest rate cuts. Despite a 0.9% month-on-month decline in Japan’s core machinery orders for August, the figures showed significant improvement from July’s 4.6% drop. South Korea’s Kospi index surged to a record high, rising 1.8% to 3,722.67, driven by optimism over potential tariff agreements between the U.S. and South Korea. Tech and auto stocks, including Samsung Electronics, Hyundai Motor, and Kia Corp., were among the top performers. In China, Hong Kong’s Hang Seng index dipped 0.4%, while the Shanghai Composite index edged up 0.1%. Australia’s S&P/ASX 200 soared 8% to 9,063.70, surpassing the 9,000 mark for the first time, fueled by gains in gold stocks amid rising gold prices. India’s BSE Sensex and Taiwan’s Taiex also posted gains of 0.5% and 1.5%, respectively. On Wall Street, the S&P 500 and Nasdaq Composite advanced, with technology stocks leading the charge following a strong earnings report from ASML, a key semiconductor equipment supplier. However, concerns over inflated stock prices and delayed economic updates due to the U.S. government shutdown have heightened scrutiny on corporate earnings. In commodity markets, U.S. crude oil and Brent crude prices both rose, while the dollar and euro saw modest gains against the yen.