No politics for Nikhil Kumaraswamy for next five years: HD Kumaraswamy
Mandya: HD Kumaraswamy, former Chief Minister and second-in-command of JD(S) has indicated his decision to steer his son Nikhil away from politics, reaffirming that he will not field him in the upcoming Lok Sabha elections next year. Kumaraswamy stated that he has advised Nikhil to focus on his acting career rather than engaging in political activities.
Nikhil faced defeat in the 2019 Lok Sabha elections from the Mandya constituency against independent candidate Sumalatha Ambareesh. He also experienced a setback in the assembly elections from the Ramanagara constituency earlier this year. Kumaraswamy described the assembly election loss as a result of a "political conspiracy."
Kumaraswamy highlighted that Nikhil has three movies in the lead role lined up as part of his acting career. He emphasized that Nikhil will refrain from participating in any elections over the next five years.
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Kumaraswamy revealed that Nikhil initially didn't want to contest the 2019 elections due to his lack of preparation. However, due to pressure from local MLAs and party workers, he was compelled to enter the electoral race from the Mandya constituency.
JD(S) is planning to contest the Lok Sabha elections independently and aims to field candidates in all 28 constituencies across Karnataka. Kumaraswamy attributed the party's poor performance in the 2019 polls to the coalition politics and alliance with the Congress.
While acknowledging that winning all 28 seats might be a challenge, Kumaraswamy expressed confidence in securing around four or five seats. He also emphasized the party's commitment to retaining its dedicated workers within its ranks.
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Silver, gold script sharp comeback as US-Iran ceasefire calms global jitter
New Delhi (PTI): Silver prices surged Rs 11,000 to Rs 2.51 lakh per kilogram in the national capital on Wednesday, while gold advanced to Rs 1.56 lakh per 10 grams amid strong global cues after the US and Iran agreed to a two-week ceasefire.
According to the All India Sarafa Association, the white metal zoomed by Rs 11,000, or nearly 5 per cent, to Rs 2,51,000 per kg (inclusive of all taxes) from Tuesday's closing level of Rs 2,40,000 per kg.
Gold of 99.9 per cent purity also appreciated by Rs 3,200, or 2.09 per cent, to Rs 1,56,400 per 10 grams (inclusive of all taxes). It settled at Rs 1,53,200 per 10 grams in the previous market session.
Analysts said bullion prices strengthened as geopolitical tensions in West Asia eased, triggering a broader relief rally across global financial markets.
Gold maintained strong gains and approached a three-week high on Wednesday as improved global risk sentiment, along with a pullback in US dollar and crude oil prices, boosted demand for precious metals, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
The positive momentum came after an agreement reached just before a self-imposed deadline by US President Donald Trump, who confirmed a pause in military action, conditional on the reopening of the Strait of Hormuz.
Iran also signalled that safe passage through the Strait would be possible during the ceasefire period, further easing supply concerns.
In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.
"Spot gold in the international markets surged on Wednesday after the announcement of a temporary ceasefire in the Iran war," Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said.
He added that commodities, bonds and equities rallied after crude oil prices crashed nearly 20 per cent on the ceasefire announcement, as a decline in energy rates will reduce interest rate hike chances by global central banks, including the US Federal Reserve.
Echoing similar sentiments, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said precious metal prices rose up to 7 per cent as the dollar slipped below 99 on US-Iran ceasefire relief, temporarily easing fears of prolonged energy supply shocks and the associated inflationary fallout.
The rally in bullion ran alongside a broader relief rally in global markets. Throughout the conflict, gold's traditional safe-haven appeal has been tempered by liquidity stress, as investors were compelled to liquidate bullion positions to cover losses elsewhere in their portfolios, she added.
"With the ceasefire conditional and compliance around the Strait of Hormuz still uncertain, any signs of a breach or collapse could quickly reverse sentiment and renew downside risk across precious metals," Chainwala said.
