Silver May Touch Rs 1.25 Lakh A Kg In Next 12-15 Months, Outperform Gold: Report

by Hemanta Pande

NEWS HIGHLIGHTS

Silver could either match or outperform gold in the medium to long term, and is likely to reach Rs 1,25,000 per kg on MCX and $40 on COMEX in the next 12 to 15 months, a report showed on Saturday.

Mumbai, Oct 26: Silver could either match or outperform gold in the medium to long term, and is likely to reach Rs 1,25,000 per kg on MCX and $40 on COMEX in the next 12 to 15 months, a report showed on Saturday.

Recently, silver has shown impressive performance, gaining more than 40 per cent (year-to-date) and breaching Rs 100,000 on the domestic front, fuelled by safe-haven buying and robust industrial demand, according to the report by Motilal Oswal Financial Services Ltd (MOFSL).

MOFSL has also set targets for gold of Rs 81,000 in the medium term and Rs 86,000 in the long term. It expects gold to reach $2,830 on COMEX in the medium term and $3,000 in the long term.

"2024 has experienced a significant price rally fuelled by market uncertainties, expectations of rate cuts, rising demand, and a depreciating rupee. The months following the US presidential election will be critical in shaping gold's near-term trajectory," said Manav Modi, analyst, commodity research, Motilal Oswal Financial Services.

Two key factors underpinning this year’s rally in precious metals are expectations of rate cuts from the Federal Reserve and rising geopolitical tensions, particularly in the Middle East.

"Overall, the sentiment for this Diwali is projected to be positive, raising optimism for bullion," Modi said.

Regardless of shifting narratives or market volatility, one constant remains -- gold has historically served as a reliable store of value during uncertain times. According to the report, if one had invested in gold during Diwali 2019, they would be enjoying 103 per cent returns on their domestic gold investments by this Diwali. Since 2011, there have only been two instances (2015 and 2016) where the 30 days leading up to Diwali recorded negative returns.

Aside from 2022, pre-Diwali gains have consistently outpaced post-Diwali gains. "We continue to believe that gold has further upside potential wherein any dips could present buying opportunities. According to our recent quarterly report, a correction of 5-7 per cent is plausible and could serve as an accumulation zone," said Modi.

Two key factors underpinning this year’s rally in precious metals are rate cut expectations from the Federal Reserve and rising geopolitical tensions, particularly in the Middle East.

--IANS

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Bharat AI Mission Advancing With Strong Ties Among Industry, Government: Ashwini Vaishnaw

by Hemanta Pande

New Delhi, Oct 26: Union Minister for Electronics and IT and Railways, Ashwini Vaishnaw, on Saturday said the country’s AI mission is advancing with strong collaborations among industry, government and academia.

In a post on X, Vaishnaw said he met Meta's Chief AI Scientist Dr Yann LeCun and discussed the country’s potential in AI and skilling the youth.

"Met @ylecun of Meta to discuss Bharat’s AI potential. Our AI mission is advancing with strong collaborations among industry, government, and academia: GenAI Centre of Excellence (CoE) with IIT Jodhpur and Meta, and YuvAI Skilling with AICTE and Meta to train 1,00,000 students on LLM (large language models)," the minister said.

Met @ylecun of Meta to discuss Bharat’s AI potential. Our AI mission is advancing with strong collaborations among industry, government, and academia:

📢 GenAI CoE with IIT Jodhpur and Meta
📢 YuvAI Skilling with AICTE and Meta to train 1,00,000 students on LLM pic.twitter.com/qW9X5Zp1lF — Ashwini Vaishnaw (@AshwiniVaishnaw) October 26, 2024

LeCun said it was "a pleasure discussing the important role Bharat plays today and can play tomorrow in the ecosystem of AI open platforms".

On Friday, Meta announced a strategic collaboration with IndiaAI at the Ministry of Electronics and Information Technology (MeitY), including the establishment of the Center for Generative AI called ‘Shrijan’ at IIT Jodhpur and the launch of the "AI for Skilling and Capacity Building" initiative, in partnership with All India Council for Technical Education (AICTE).

Meta has committed to investing up to Rs 7.5 crore over the next three years to ensure the successful establishment and operation of the centre.

Additional Secretary, MeitY, Abhishek Singh, said the government is supporting the vision of AI innovation, skilling and technological advancement to drive inclusive growth under the ‘IndiaAI’ initiative.

"By fostering a culture of open-source innovation in AI, advancing research and skill development in emerging technologies, we are bridging the talent gap and ensuring that our youth are equipped to lead in the AI revolution, ultimately securing India’s position as a global leader in responsible development and contributing to a robust AI ecosystem," said Singh.

According to Meta India's Vice President and Head of Public Policy, Shivnath Thukral, they are committed to nurturing an ecosystem where indigenous solutions can flourish. (IANS)

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2nd Test: Santner Shines As New Zealand Do The Impossible With A Historic Series Win In India

by Shambhu Datta Mishra

Pune, Oct 26: Left-arm spinner Mitchell Santner weaved magic with his 6-104 as New Zealand did the unimaginable by clinching a historic Test series win in India for the first time with a 113-run victory over the hosts on Day Three of the second Test at the Maharashtra Cricket Association (MCA) Stadium here Saturday.

Not many had thought New Zealand would go on to get their first Test series win in India, especially after losing 2-0 in Sri Lanka, having a new captain in Tom Latham and ace batter Kane Williamson not being available due to a groin injury.

But New Zealand upstaged India by winning key moments in Pune to take an unassailable 2-0 lead in the three-match series. Santner, who took 7-53 in the first innings, rattled India yet again with a remarkable spell of 6-104 to end up with match figures of 13/157, the third-best match figures for a bowler from his country in Tests.

Despite nursing pain on his right side, Santner varied his pace, and trajectory and found enough help from a spin-friendly pitch to bamboozle the Indian batters and play a major hand in New Zealand doing the impossible in a convincing fashion.

The result also means that India have lost a Test series at home for the first time since December 2012. The defeat to a tough and solid New Zealand side, after being bowled out for 245 in an uphill pursuit of 359, brings their unbeaten 18-series streak in Tests at home to an end. After reducing India to 178/7 at tea, the final session began with Ravichandran Ashwin and Ravindra Jadeja defending for nine overs before the former was lured into a drive on a ball from Santner which dipped and then turned to take the edge to slip.

Despite a few boundaries from Jadeja delaying the inevitable, New Zealand continued to strike as Akash Deep holed out to long-on, giving left-arm spinner Ajaz Patel his first wicket of the match. Jadeja became the fourth player to enter a rare club of 2000-plus runs and 200-plus wickets in Tests at home through his knock of 42. But him holing out to long-on off Patel made the way for an unforgettable moment in New Zealand’s cricketing history.

Brief scores:

New Zealand 259 and 255 beat India 156 and 245 all out in 60.2 overs (Yashasvi Jaiswal 77, Ravindra Jadeja 42; Mitchell Santner 6-104, Ajaz Patel 2-43) by 113 runs

(IANS)

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Cyclone Dana: ASHA Worker Sibani Mandal Gets PMAY House For Her ‘Exemplary’ Efforts

by Hemanta Pande

Cyclone Dana: Odisha CM Assures Pucca House To ASHA Worker Sibani Mandal For Her ‘Exemplary’ Efforts

Bhubaneswar, Oct 26: Odisha government on Saturday approved a house under Pradhan Mantri Awas Yojana (R) to Sibani Mandal, an ASHA worker of Kendrapara district, for her commendable work during the Cyclone Dana.

#Bhubaneswar: ASHA worker #SabitriMandal gets PMAY House#Odisha Govt approves a house under Pradhan Mantri Awas Yojana (R) to ASHA worker #SibaniMandal, from Khasmunda village in Kendrapara district, for her commendable work in carrying an elderly woman on her back to a cyclone… pic.twitter.com/vIl3MT0DO1 — Argus News (@ArgusNews_in) October 26, 2024

Rajnagar BDO today visited Khasamunda village and handed over the work order of the PMAY house to the ASHA worker.

On Friday, Odisha Chief Minister Mohan Charan Majhi spoke to ASHA worker Sibani Mandal and thanked her for displaying “heroics and humanity” efforts during the Cyclone Dana.

The Chief Minister also assured the ASHA worker a pucca (concrete) house under government scheme for her exceptional commitment to the needy people during the calamities.

During the telephonic conversation with Sibani, Chief Minister Majhi also came to know that she had piggybacked seven elderly persons and two pregnant women to the cyclone shelters before the cyclone.

"The government and I are personally very pleased with your efforts. May Lord Jagannath always keep you fine and you continue to help everyone during the time of difficulty," said CM Majhi.

CM Majhi also directed the Block Development Officer (BDO), Rajnagar to immediately make arrangements to provide Sibani with a house and other necessary amenities.

Accredited Social Health Activist (ASHA) worker Sibani, posted with Rajnagar Community Health Centre (CHC) in Kendrapara district has taken the responsibility to safely shift residents of Khasamunda village to the nearby cyclone shelter. She has performed her duty efficiently.

Hours before the cyclone’s landfall, Khasamunda’s narrow, unpaved roads had already transformed into muddy, treacherous paths. Despite this, Sibani transported as many as seven villagers, carried on her back one by one, across the kilometer-long stretch, enduring the heavy rains and wind.

An elderly woman in the village was suffering from paralysis and was not able to go to the cyclone shelter before cyclone Dana hit the Odisha coast.

Sibani carried the paralysed elderly woman on her shoulder to the cyclone shelter around 1.5 km away from the latter's residence.

Also Read: Cyclone Dana: ASHA Worker In Odisha Carries Elderly Woman On Her Back To Cyclone Shelter, Hailed

Sibani was also praised by Revenue and Disaster Minister Suresh Pujari, Health and Family Welfare Minister Mukesh Mahaling and others.

"We witnessed the commendable efforts of Sibani Didi during the massive evacuation process. Piggybacking seven persons to the relief centre is a reflection of Odia Asmita and the spirit of an Odia," said Minister Pujari on Friday.

Minister Mahaling also praised Sibani for her efforts in carrying several elderly persons on her shoulder from vulnerable places to the nearby cyclone shelters and relief centres in Kendrapara district on Thursday.

As per reports, more than six lakh persons were shifted from their homes in low-lying and vulnerable places before the severe cyclonic storm hit the Odisha coast on Thursday midnight.

Silver May Touch Rs 1.25 Lakh A Kg In Next 12-15 Months, Outperform Gold: Report

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