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Why Trump’s new pick for Fed chair hit gold and silver markets – for good reasons

Sydney, Feb 2 (The Conversation) After months of speculation, US President Donald Trump confirmed he will be nominating Kevin Warsh as the next chair of the US Federal Reserve. The appointment has been closely watched in the context of Trump’s ongoing conflict with the Fed and its current chairman Jerome Powell. The immediate reaction to the announcement was a significant crash in gold and silver markets. After months of record highs and stretched valuations, spot prices for gold and silver dropped 9% and 28% respectively after the announcement. The US stock market also fell, with major indexes all reporting modest

RBI shores up rupee after budget underwhelms investors

MUMBAI, Feb 2 (Reuters) – The RBI’s interventions helped boost the rupee away from record low levels on Monday, a day after the announcement of the country’s federal budget, which left sovereign government bonds reeling and equities on tenterhooks. The rupee appeared on course to open near its all-time low of 91.9875 per dollar, but the Reserve Bank of India’s intervention helped shore it up to 91.60, a gain of 0.4% from its closing level on Friday. India pushed manufacturing to the forefront of its budget but stopped short of the bold reforms sought by investors to boost investment amid

Rupee rises 37 paise to 91.56 against the US dollar in early trade

Mumbai, Feb 2 (PTI) The rupee gained 37 paise to 91.56 against the US dollar in early trade on Monday, a day after the Union Budget 2026-27 was presented, largely as crude oil prices retreated from their elevated levels. Forex traders said for the rupee, the budget offered reassurance, not relief. Moreover, the government’s high borrowing plan is likely to weigh on investor sentiments. The government is likely to borrow Rs 17.2 lakh crore in the next financial year to fund its fiscal deficit projected at 4.3 per cent of the GDP. At the interbank foreign exchange market, the rupee

Stock markets bounce back in early trade after sharp decline on Budget day

Mumbai, Feb 2 (PTI) Stock market benchmark indices Sensex and Nifty rebounded in early trade on Monday driven by value-buying in blue-chip firms, after facing massive drubbing on the Budget day. The 30-share BSE Sensex climbed 302 points to 81,024.94 during initial trade. The 50-share NSE Nifty went up by 59.25 points to 24,884.70. From the Sensex firms, Adani Ports, Larsen & Toubro, Asian Paints, Bharat Electronics, Eternal, Reliance Industries, Power Grid and HDFC Bank were among the major gainers. Trent, Titan, ITC and Hindustan Unilever were among the laggards. Finance Minister Nirmala Sitharaman on Sunday announced measures to boost

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