Category: Commodities

Experts predict strong gold buying this Akshaya Tritiya despite recent price increases

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Akshaya Tritiya, celebrated this year on May 10, is traditionally considered an auspicious time to buy gold in India. Despite the recent rise in gold prices, experts anticipate robust buying during this period.

Gold prices have lately been on the rise, but this may not dampen the enthusiasm of buyers, who view gold as a symbol of prosperity and a valuable investment.

According to the World Gold Council, global gold prices were high in the first quarter of the year, with a 3% increase in demand worldwide and an 8% increase in demand in India.

This suggests strong buying activity in the Indian market.

In an interview with CNBC-TV18, jewellers in Bengaluru discussed current trends in gold purchasing.

G V Sreedhar, Managing Director of Sree Rama Jewels, expressed confidence despite the rising prices.

He said that customers are optimistic and focused on the long-term value of their investments.

Sreedhar commented, “Customers in India have a positive outlook on buying jewellery. With the current price hike, Akshaya Tritiya is expected to see good sales.”

Similarly, Goutham Chand, Managing Director of Navrathan Jewellers, emphasised the significance of Akshaya Tritiya as a traditional festival, where customers eagerly purchase gold, often saving throughout the year for this occasion.

He also mentioned the availability of lightweight jewellery to suit various budgets.

Ram, Managing Director of Neelkanth Jewellers, observed a trend of increased interest in gold purchases for weddings, especially as prices have slightly decreased in the past week or so.

Overall, there is anticipation for robust sales during Akshaya Tritiya, with customers viewing gold as a favorable investment option.

Watch this video for more.

Also Read | Planning to buy a car this Akshaya Tritiya? Check which bank is offering lowest interest rate

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices decline in India on weak global cues: Check rates in your city

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Gold prices on Friday (May 3) declined by ₹100 to ₹70,636 per 10 grams in futures trade on the Multi Commodity Exchange (MCX) as speculators reduced their positions.

Analysts attributed the fall in gold prices to weak global cues and profit booking at higher levels.

Globally, gold was trading 0.05% lower at ₹2,308.40 per ounce in New York.

Investors remained cautious ahead of the US non-farm payrolls data that could provide cues on the Federal Reserve’s rate cut timeline, according to news agency Reuters.

The Fed’s indication towards eventual reductions in borrowing costs, combined with recent disappointing inflation readings, has cast uncertainty over the timing of rate cuts.

Markets are currently pricing in a 73% chance of a rate cut in November, according to CME’s FedWatch Tool.

Bullion is traditionally considered an inflation hedge, but elevated interest rates reduce the appeal of the non-yielding asset.

A softer payrolls report could potentially provide support for gold, analysts suggest.

The US non-farm payrolls report is due at 1230 GMT.

According to Reuters technical analyst Wang Tao, spot gold is biased to break resistance at $2,311 and climb to a range of $2,325-2,351.

Gold rates today in major Indian cities

As of May 3, 2024, in Delhi, the current price for 10 grams of 22-carat gold is approximately ₹65,900, whereas 10 grams of 24-carat gold is priced at around ₹71,880.

In Mumbai, the price of 10 grams of 22-carat gold stands at ₹65,750, while the equivalent amount of 24-carat gold is valued at ₹71,730.

In Ahmedabad, the price for 10 grams of 22-carat gold is ₹65,800, and for the same amount of 24-carat gold, it’s ₹71,780.

ALSO READ | What’s driving gold demand despite high prices?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

What’s driving gold demand despite high prices? Insights from World Gold Council CEO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Investment demand is keeping gold prices buoyant despite the sharp rally, says Sachin Jain, CEO of World Gold Council.

Investment demand, driven by gold coins and bars, has spiked by 19%, marking a 32-33% increase in value.

Jain highlighted the rising popularity of Exchange-Traded Funds (ETFs), with Assets Under Management (AUM) seeing a 4-tonne increase in the quarter.

He emphasised the trend towards the financialisation of regulated products, indicating a growing acceptance among investors.

“The other area is that while we have always believed that if you look at a healthy diversification of a portfolio, gold between 7-8% to 15% is good hedge. And we always say that a good balanced portfolio should have bought 10% of gold, we see the ultra HNIs really investing and mashing up to that number or even more.”

There has also been significant interest in Over-the-Counter (OTC) transactions, with China leading in demand for gold bars and coins.

Central banks, including the People’s Bank of China, Reserve Bank of India, and others, have also contributed to this surge by making record-high purchases in the first quarter.

“Globally, the demand has gone up about 3%, which totals to about 1,238 tonne, very strong and a similar increase or strength you have seen almost in 2016 first quarter, so it’s a pretty good start for us,” Jain said in a discussion with CNBC-TV18.

Read Here | Gold prices surge amid US Fed’s dovish stance, experts predict further rise

Jain expects the upcoming Akshay Tritiya festival in India to drive demand further.

The World Gold Council estimates gold consumption in India to range between 700 to 800 tonnes annually in 2024.

Factors such as prices and market volatility will influence whether consumption leans towards the lower or upper end of this range.

Also Read | Gold price rally could cut India’s demand to four-year low: WGC

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

HPCL, BPCL, IOC shares gain up to 7% after crude oil prices cool off

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Shares of India’s state-run oil refiners — Hindustan Petroleum Corporation Ltd. (HPCL), Bharat Petroleum Corporation Ltd. (BPCL) and Indian Oil Corporation Ltd. (IOC) — are trading with gains of up to 7% on Thursday.

After gaining over 30% so far this year, shares of HPCL are up another 7% today, while those of BPCL are up 40% this year already. IOC shares rose more than 2% in today’s trade.

The rally was seen after crude oil prices experienced a third consecutive day of decline on Wednesday, fueled by growing optimism surrounding a potential ceasefire agreement in the Middle East. Additionally, the increase in crude inventories and production within the US, the world’s largest oil consumer, further contributed to the downward trend in oil prices.

HPCL, BPCL and Indian Oil were recently downgraded by global broking firm CLSA, who has reiterated its ‘Sell’ recommendation on all three companies.

“One should expect a little bit of negative reaction without a doubt, specifically on companies with dominance of marketing sales like HPCL. But I would look at this opportunity to sort of enter the stock and build positions because we believe that the business case doesn’t get hampered as a result of these price cuts,” Probal Sen of ICICI Securities had said earlier in March 2024.

Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. US West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel.

US crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, Reuters reported citing American Petroleum Institute figures.

Gasoline inventories fell by 1.483 million barrels, and distillates fell by 2.187 million barrels. Official data from the EIA is due at 10:30 a.m. EDT (1430 GMT).

US crude supply is also showing signs of ramping up, with production rising to 13.15 million barrels per day (bpd) in February from 12.58 million bpd in January in its biggest monthly increase in about 3-1/2 years, the Energy Information Administration had said.

Expectations that a ceasefire agreement between Israel and Hamas could be in sight, following a renewed push led by Egypt to revive stalled negotiations between the two, pushed oil prices lower. An end to the war would reduce concerns of a broadening of the conflict that could disrupt supply from the Middle East.

Keeping oil from slipping further, output by the Organization of the Petroleum Exporting Countries (OPEC) was seen falling by 100,000 bpd in April to 26.49 million bpd, a Reuters survey found on Tuesday, reflecting lower exports from Iran, Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.

With Reuters inputs

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices surge amid US Fed’s dovish stance, experts predict further rise

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Gold prices surged for the second consecutive day on Thursday (May 2). The precious metal’s value strengthened by 0.3% to $2,325.02 per ounce in the global market, following a 1% climb in the preceding session, according to a Reuters report.

Concurrently, US gold futures rose by 1% to $2,334.40 per ounce.

The price rally underscores a broader trend, with gold experiencing 20% growth over the past year.

Back home, the price of gold is ₹ 65,540 per 10 grams for 22-karat gold and ₹71,500 per 10 grams for 24 karat gold (also called 999 gold).

The trigger

The gold price rise is propelled by signals from the Federal Reserve indicating a predisposition towards potential rate cuts and anticipation surrounding the US non-farm payroll data.

The Federal Reserve’s decision to maintain unchanged interest rates was accompanied by a policy statement retaining key economic assessments and guidance.

Federal Reserve Chair Jerome Powell articulated a cautious stance and emphasised that future rate adjustments would hinge upon evolving economic indicators.

Matt Simpson, senior analyst at City Index, remarked on the significance of Powell’s remarks, noting that the Fed’s commitment to refraining from further rate hikes provided impetus for gold’s ascent above $2,300 per ounce.

What lies ahead?

The trajectory of gold prices is expected to be influenced by the forthcoming US non-farm payrolls report, scheduled for release on Friday.

Analysts anticipate that a softer-than-expected report could further support gold prices, consolidating its position above the $2,000 per ounce threshold for the remainder of the year and potentially breaching the $2,500 mark per ounce.

Rahul Kalantri, VP of Commodities at Mehta Equities, suggested that gold will find support levels at $2,305-2,288  per ounce with resistance at $2,335-2,351 per ounce.

“In India, gold sees support at ₹70,420 per 10 grams and ₹70,150 per 10 grams, with resistance at ₹70,780 per 10 grams and ₹71,920 per 10 grams,” Kalantri said.

Investment considerations

In terms of investment, while gold’s short-term returns might allure some investors, it’s crucial to acknowledge its historical performance relative to other asset classes.

According to Value Research, gold’s annual returns typically fall within the range of 7-8%.

This is lower than equities, which have delivered around 14% returns over the last decade.

However, for investors inclined towards diversification, Value Research noted that sovereign gold bonds (SGBs) present an alternative avenue worth exploring.

While SGB and physical gold prices grow at the same pace, the former offers an additional interest of 2.5% each year.

ALSO READ | Gold price rally could cut India’s demand to four-year low: WGC

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices drop to four-week low amid US Fed policy meet speculation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Gold prices on Wednesday (May 1) tumbled to their lowest level in almost four weeks as investors eagerly awaited the outcome of the US Federal Reserve’s policy decision.

Spot gold slipped by 0.1% to $2,284.44 per ounce as of 0436 GMT, marking its lowest point since April 5, according to news agency Reuters.

This decline follows a 2% drop on Tuesday, triggered by a surge in the dollar and US treasury yields.

The precious metal has shed more than $140 since reaching a record high of $2,431.29 on April 12.

Meanwhile, US gold futures were down by 0.4% at $2,293.10 per ounce.

In domestic markets, the cost of 10 grams of gold hovered around ₹72,000 s of May 1.

Pure 24-carat gold was priced at ₹72,590 per 10 grams, while 22-carat gold maintained a value of approximately ₹66,540 per 10 grams.

“Inflation readings have shown no progress at all so far in 2024. The Fed will have to backtrack and pivot more towards a more hawkish message, and the gold market is discounting that,” Analyst Edward Meir from Marex was quoted as saying in the Reuters report.

All eyes are now on the US central bank’s policy decision, followed by Chair Jerome Powell’s remarks.

The Fed is widely expected to maintain its benchmark interest rate at 5.25% to 5.5%.

Meir warned, “If Powell strikes a hawkish tone, prices could fall $30 or $40 more between today and the next day.”

Gold, traditionally viewed as an inflation hedge, faces headwinds from elevated interest rates, which diminish the appeal of holding non-yielding assets.

The prospect of sustained higher interest rates spells trouble for gold, as it amplifies the opportunity cost of investing in the yellow metal.

Diminishing expectations of rate cuts have driven gold prices down from their recent record highs over the past fortnight.

For investors, experts suggest adding gold to the portfolio as it can help diversify risk.

Gold is often used as a hedge against economic uncertainty and inflation as it tends to have a low correlation with other asset classes like stocks and bonds.

If investors are looking to diversify investments and reduce overall portfolio risk, allocating a portion to gold may be beneficial.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold price rally could cut India’s demand to four-year low: WGC

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Global gold demand rose by 3% year-on-year to 1,238 metric tons in the first quarter of 2024, marking the strongest first quarter since 2016, due to active over-the-counter (OTC) trading, the World Gold Council (WGC) said on Tuesday.

Safe-haven demand, driven by geopolitical and economic uncertainty, investment in the OTC market, persistent central bank buying, and high demand from Asian buyers caused a rally in gold in March-April, pushing the first-quarter gold price to a record average of $2,070 per ounce.

Demand, excluding OTC, fell 5% to 1,102 tons in the first quarter as jewellery consumption lost 2% and physically-backed gold exchange traded funds (ETFs) experienced outflows – of 114 tons, according to the WGC, an industry body whose members are global gold miners.

Global central banks, which actively bought gold in 2022-2023, added 290 tons to their reserves, up 1% year-on-year and up 69% from the five-year quarterly average.

It was their strongest starting quarter to any year on the basis of WGC’s data going back to 2000. The central banks of China and India led.

WGC expects 2024 central banks to slow purchases slightly compared to last year’s 1,037.4 tons, but that they will remain higher than they were before 2022, Krishan Gopaul, WGC senior EMEA analyst, told Reuters.

”Although the buying momentum from central banks continues, we are taking a cautious look ahead – waiting to see if the recent gold price growth prompts some central banks to slow down purchases or some to sell part of their holdings,” Gopaul added.

Bar and coin investment, another major sector for gold consumption, rose 3% to 312 tons in the first quarter due to high demand for small gold bars in Asia. In China, bar and coin demand jumped by 68% to 110 tons, the strongest in more than seven years.

Physical demand in Asia, traditionally a region of price-sensitive investors, rose in the first quarter despite high prices, marking a shift in behaviour trends, the WGC said.

On the supply side, mine production increased by 4% to 893 tons, its record for the first quarter, while recycling rose by 12% to 351 tons, reaching the highest since the third quarter of 2020, as some holders of old gold jewellery saw an opportunity to cash in on higher prices.

Gold’s April price growth may prompt a further rise in recycling and a fall in jewellery demand, but elevated geopolitical risk and the quasi-investment role of jewellery in some countries would limit the impact, the WGC said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices set for third straight monthly gain: Should you invest for long-term?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Gold prices are set for a third straight monthly gain, even as bullion prices eased on Tuesday as the dollar firmed ahead of the Federal Reserve’s policy meeting starting later in the day.

Spot gold was down 0.2% at $2,329.69 per ounce, as of 0355 GMT.

US gold futures were down 0.7% at $2,341.00, as per news agency Reuters.

In the domestic market, gold maintained stability, with the price of 10 grams hovering around ₹72,000 on April 30.

Pure 24-carat gold commanded a trading value of approximately ₹72,590 per 10 grams, while 22-carat gold stood firm at about ₹66,540.

The appreciation of the dollar index by 0.3% acted as a counterforce, rendering greenback-priced bullion less appealing to international buyers.

Kyle Rodda, a financial market analyst at Capital.com, attributed this movement to gold prices readjusting in response to a stronger dollar and elevated yields, post the easing of geopolitical tensions.

The surge in gold prices, which has exceeded 4% this month, finds its impetus in robust central bank purchases and safe-haven inflows amidst geopolitical uncertainties, as per Reuters.

The upcoming Federal Reserve policy meeting from April 30 to May 1, alongside the impending release of non-farm payroll data, assumes significance for market participants.

Market sentiments indicate anticipation of the Fed maintaining its benchmark interest rate at 5.25-5.5%, although speculation looms regarding a possible recalibration of rate cut probabilities.

Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, highlighted the nuanced dynamics influencing precious metal markets.

He noted a slight uptick in gold prices, driven by profit-taking from the dollar’s recent highs.

However, the resolution of tensions between Israel and Iran, tempered expectations of immediate Fed rate cuts, and indications of US market recuperation collectively subdued precious metal sentiment.

“Gold finds support in the range of $2310-2292 per ounce, with resistance at $2350-2368 per ounce. In India, gold’s support levels are at ₹71,420 and ₹71,150 per 10 grams, with resistance at ₹71,780 and ₹71,920 per gram,” Kalantri said.

Investment considerations

A recent note from Value Research underscores the need for investors to maintain a balanced perspective on gold’s role within their portfolios.

While the precious metal has showcased a return of approximately 20% over the past year, its long-term returns present a less compelling narrative.

Over a decade, gold has yielded an average return of around 8%, a figure overshadowed by other asset classes such as equities, exemplified by the Sensex, which has yielded over 12% returns in the same period

Gold’s suitability as a store of value and its propensity to thrive in times of market uncertainty or fear is undeniable.

Yet, Value Research cautions that as a long-term wealth-building tool, gold may fall short of expectations.

Investors should recalibrate their expectations and investment strategies accordingly, acknowledging gold’s unique role within a diversified portfolio.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold retreats as dampened Fed rate cut hopes dent appeal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Gold prices slipped on Monday as hopes for early interest rate cuts this year dampened, while focus shifted to the Federal Reserve policy meeting and U.S. non-farm payrolls data due this week for further clarity on monetary policy.

Spot gold fell 0.5% to $2,327.09 per ounce by 0334 GMT. U.S. gold futures were down 0.4% at $2,338.30.

“Short term, gold is facing some challenges given the likely delayed timeline for rate cuts. However if gold can remain in the $2200-$2350 range, the precious metal will be well positioned to capitalise on any potential downturn in U.S. macro data in coming quarters,” Tim Waterer, chief market analyst at KCM Trade said.

Also Read: Oil declines as US steps up efforts to secure a truce in Gaza

The Federal Reserve’s policy meeting from April 30-May 1 and the non-farm payrolls data due on Friday are key for markets this week. The Fed is seen holding its benchmark interest rate steady at 5.25%-to-5.5% at this meeting.

“If we happen to hear a hawkish tilt from (Fed Chair) Jerome Powell this week, combined with another solid jobs print, gold could be facing a test of some key support levels on the downside,” Waterer said.

Investors are currently pricing in a single rate cut this year and see it coming in November, according to the CME’s FedWatch tool after a batch of sticky U.S. inflation data and hawkish rhetoric from Fed officials including Chair Jerome Powell.

Also Read: Fidelity sees rupee as top carry trade pick on RBI’s tight grip

Higher rates reduce the appeal of holding non-yielding gold.

“A seasonal pullback in regional demand is probable into mid-2024, but a structurally stronger consumption trend via the retail and PBoC (People’s Bank of China) channel is supportive of a higher gold price floor, boosting the base case for $3,000 per ounce gold over the next 12-15 months,” Citi research wrote in a note, adding that CNY devaluation fears may enhance local buying.

Spot silver rose 0.3% to $27.24 per ounce, spot platinum was up 0.5% to $919.95 and palladium gained 0.1% to $954.94.

Also Read: Japanese Yen slides past 160 against the US Dollar, a first since 1990

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil declines as US steps up efforts to secure a truce in Gaza

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Oil slipped as the US pushed to broker a peace deal between Israel and Hamas that would reduce geopolitical tensions in the Middle East.

Brent crude traded below $89 a barrel after gaining 2.5% last week, while West Texas Intermediate dropped toward $83. US Secretary of State Antony Blinken will step up efforts to secure a truce in Gaza during a visit to the region. The White House said Israel has agreed to hear out its concerns and hold off invading Rafah until meeting with the Americans.

Meanwhile, Russia attacked Ukraine with a heavy missile barrage aimed at natural gas infrastructure and other targets. Kyiv struck back with drones targeting an oil refinery in the Krasnodar region, with state-run news agency Tass reporting that the Slavyansk plant had partially suspended operations because of a fire.

Crude has risen this year on OPEC+ supply cuts and heightened tensions in Ukraine and the Middle East — the source of about a third of the world’s crude. Meanwhile, shifting expectations for US monetary policy are weighing on the demand outlook, and traders will look to a Federal Reserve meeting on Wednesday to gauge the prospects for rate cuts this year.

Despite the uncertain outlook, timespreads continue to signal bullishness. The gap between the two nearest Brent contracts was still more than $1 a barrel in backwardation. While the figure has come off slightly from last week’s highs, it’s still more than double what it was a month ago.

• Brent for June settlement fell 0.8% to $88.75 a barrel at 8:03 AM in Singapore.
• WTI for June delivery declined 0.7% to $83.24 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow