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Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates increase the opportunity cost of holding gold as it pays no interest. Top bullion consumer China reported three new COVID-19 deaths in the mainland for Jan. 2, the Chinese Center for Disease Control and Prevention said.

After delivering four consecutive 75 basis points hikes, the U.S. Central Bank raised interest rates by 50 basis points last month. The minutes of the December meeting is due to be released on Wednesday, with investors looking for cues on what path the Fed is likely to take in 2023.

RBI said state-owned SBI along with private sector lenders ICICI Bank and HDFC Bank have been placed under the same bucketing structure as in the 2021 list of D-SIBs.

Torrent Investments filed an interlocutory application a day before the committee of creditors and their advisors’ pre-scheduled meeting on January 3. It has petitioned that the verified lenders and the administrator, Nageswara Rao Y, will be violating the law governing the corporate insolvency process by engaging in negotiations with the “latecomer” while referring to Hinduja, said one of the persons cited above.

"Let us not waste resources chasing perfection. Speed is more important than accuracy in the phase ONGC is now, where we need to make the discoveries faster. Of course, safety procedures remain paramount," chairman Arun Kumar Singh told the executives at a recent meeting, according to people in the know.

The Chhattisgarh-based power company owes Rs 1,890 crore to two lenders, Bank of Baroda and State Bank of India. “We have received bids and they are being evaluated. The financial parameters of the bids will now be discussed, and lenders may also seek more details from bidders before selecting the preferred one,” one person who is aware of the process said.

The I-T department had sought an additional tax of Rs 5,258.14 crore for the assessment year 2021-22 by way of an intimation. The assessee sought quashing of the intimation and a restraint from adjustment of pending refunds against the impugned demand as well as a stay on the impugned demand.

Data available till November 18, 2022, show the outstanding loans to the services sector at ₹33.15 lakh crore, up 21.3% in one year. Outstanding loans to the industrial sector rose 13.8% in the same period to ₹32.94 lakh crore.

Some market participants see a knee jerk negative impact of the news on the stock on Tuesday. Shares of the company ended 1.5% higher on the National Stock Exchange at Rs 60.25

The index, however, negated its higher highs formation of the last five sessions. Now, it has to continue to hold above 18181 zones for an up move towards 18350 and 18442 levels, whereas supports are placed at 18081 and 18018 levels, said Chandan Taparia of Motilal Oswal.