Japan’s Nikkei 225 was little changed, inching up less than 0.1 per cent, while South Korea’s Kospi rose 0.9 per cent.
The rupee opened marginally stronger at 95.52 against the US dollar compared to Tuesday’s close of 95.63, while gold and silver prices surged nearly 6 per cent each on the MCX amid continued demand for safe-haven assets.
Jewellery players expect the recent duty hike on gold to impact imports, with industry executives indicating a likely 10-15 per cent reduction in gold imports going ahead. The sector is also witnessing a shift in consumer behaviour, with customers increasingly expected to exchange old gold for new jewellery purchases. Despite elevated duties, companies remain confident of achieving their FY27 value growth guidance of 20-25 per cent, while industry participants are preparing for at least a year of high import duties on gold.
Asian markets traded mixed in early deals as fading enthusiasm around AI and technology stocks slowed Wall Street’s record-setting momentum.
Japan’s Nikkei 225 was little changed, inching up less than 0.1 per cent, while South Korea’s Kospi rose 0.9 per cent after sharp losses earlier this week triggered by concerns over possible redistribution of AI-driven corporate windfall gains. Australia’s S&P/ASX 200 declined 0.3 per cent, while Hong Kong’s Hang Seng slipped 0.4 per cent. China’s Shanghai Composite was largely flat in early trade.
© IE Online Media Services Pvt Ltd
