Gold, silver rally on strong global market sentiment
New Delhi (PTI): Gold prices climbed Rs 700 to Rs 1,30,160 per 10 grams in the national capital on Friday tracking firm trends in the global markets and strong investor appetite, according to marketmen.
The precious metal of 99.5 per cent purity jumped by Rs 700 to Rs 1,29,560 per 10 grams (inclusive of all taxes).
"Gold edged higher...supported by increasing expectations of a Federal Reserve rate cut in December," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He further stated that gold prices, during the week, have remained well-supported by renewed optimism over a potential Fed cut and a steady US dollar.
Silver prices also continued their upward march for the fourth straight session soaring by Rs 3,000 to Rs 1,71,200 per kilogram (inclusive of all taxes).
In the past four sessions, the white metal skyrocketed by Rs 16,200 from Rs 1,55,000 per kg on Monday.
In the international markets, spot gold went up by USD 12.44 , or 0.30 per cent, to USD 4,169.88 per ounce.
"Spot gold continues to remain well bid on rate cut expectations after recent dovish comments by the Federal Reserve officials," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent higher at 99.75, capping gains for the yellow metal.
Sandip Raichura - CEO, Retail Broking and Distribution, PL Capital, said that gold will soon test the USD 4,400 level, which marks its all-time high. Continuing purchases by central banks, as well as dollar weakness, are leading to a strong support for gold at the USD 4,000 level.
Spot silver was trading 0.77 per cent higher at USD 53.81 per ounce, marking gains for the fifth straight day. In the session, the white metal rose to hit an intra-day high of USD 54.31 an ounce in the overseas market.
"Silver approaches towards its all-time high (USD 54.49 per ounce), with increased predictions that the US Federal Reserve would further lower interest rates," Renisha Chainani, Head - Research at Augmont said.
She noted that Chinese inventories have fallen to decade lows, which has led to large exports to London to alleviate supply constraints. The reduction follows a spike in Chinese silver exports in October, which reached a record high of over 660 tonnes.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "With US economic data yet to flow in after the government reopening, upcoming releases will be crucial for the Fed as it prepares for the final policy meeting of 2025 on December 10, where a rate cut is widely anticipated."
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Texas halts H-1B visas at state universities, agencies; to affect Indians
Houston (US) (PTI): Texas Governor Greg Abbott has ordered state agencies and public universities to immediately halt new H-1B visa petitions, tightening hiring rules at taxpayer-funded institutions, a step likely to impact Indian professionals.
The freeze will remain in effect through May 2027.
The directive issued on Tuesday said that the state agencies and public universities must stop filing new petitions unless they receive written approval from the Texas Workforce Commission.
The governor's order, in a red state that is home to thousands of H-1B visa holders, comes as the Trump administration has initiated steps to reshape the visa programme.
“In light of recent reports of abuse in the federal H-1B visa programme, and amid the federal government’s ongoing review of that programme to ensure American jobs are going to American workers, I am directing all state agencies to immediately freeze new H-1B visa petitions as outlined in this letter,” Abbot said.
Institutions must also report on H-1B usage, including numbers, job roles, countries of origin, and visa expiry dates, the letter said.
US President Donald Trump on September 19 last year signed a proclamation ‘Restriction on entry of certain non-immigrant workers’ that restricted the entry into the US of those workers whose H-1B petitions are not accompanied or supplemented by a payment of USD 1,00,000.
The H1-B visa fee of USD 1,00,000 would be applicable only to new applicants, i.e. all new H-1B visa petitions submitted after September 21, including those for the FY2026 lottery.
Indians make up an estimated 71 per cent of all approved H-1B applications in recent years, according to US Citizenship and Immigration Services (USCIS), with China in the second spot. The major fields include technology, engineering, medicine, and research.
Tata Consultancy Services (TCS) is the second-highest beneficiary with 5,505 approved H-1B visas in 2025, after Amazon (10,044 workers on H-1B visas), according to the USCIS. Other top beneficiaries include Microsoft (5,189), Meta (5,123), Apple (4,202), Google (4,181), Deloitte (2,353), Infosys (2,004), Wipro (1,523) and Tech Mahindra Americas (951).
Texas public universities employ hundreds of foreign faculty and researchers, many from India, across engineering, healthcare, and technology fields.
Date from Open Doors -- a comprehensive information resource on international students and scholars studying or teaching at higher education institutions in the US -- for 2022-2023 showed 2,70,000 students from India embarked on graduate and undergraduate degrees in US universities, accounting for 25 per cent of the international student population in the US and 1.5 per cent of the total student population.
Indian students infuse roughly USD 10 billion annually into universities and related businesses across the country through tuition and other expenses – while also creating around 93,000 jobs, according to the Open Doors data.
Analysts warn the freeze could slow recruitment of highly skilled professionals, affecting academic research and innovation.
Supporters say the directive protects local jobs, while critics caution it could weaken Texas’ competitiveness in higher education and research.
The order comes amid broader debate in the US over skilled immigration and state-level interventions in federal programmes.
H-1B visas allow US companies to hire technically-skilled professionals that are not easily available in America. Initially granted for three years, these can be extended for another three years.
In September 2025, Trump had also signed an executive order ‘The Gold Card’, aimed at setting up a new visa pathway for those committed to supporting the United States; with individuals who can pay USD 1 million to the US Treasury, or USD 2 million if a corporation is sponsoring them, to get access to expedited visa treatment and a path to a Green Card.
