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Worried about tariffs? So is the gold market. Gold is hovering near record highs as investors seek safety amid growing concerns over potential US trade policies under President Donald Trump. According to Reuters, gold hit $2,954.69 an ounce, marking its tenth record high this year. The rally reflects mounting market anxiety over global trade tensions, inflationary pressures, and shifting economic policies.

The renewed focus on tariffs has traders on edge, with fears that a tougher US stance on trade could disrupt global supply chains. Central banks, particularly in Asia, have steadily increased their gold reserves, adding further momentum to the rally. Meanwhile, inflation worries and expectations of interest rate moves in major economies are also shaping sentiment. With gold bulls firmly in control and demand for safe-haven assets showing no signs of easing, the big question remains: Is this the start of a longer-term trend?

Data
Initial jobless claims rose by 5,000 to 219,000 last week, signalling a still-steady labour market, according to the Labour Department. The data did not yet reflect the impact of mass federal layoffs driven by President Trump’s push to cut the government workforce. Thousands of federal workers, many on probation, have been sacked recently by Elon Musk’s Department of Government Efficiency. Economists warn that while layoffs remain historically low, job losses tied to federal contracts or funding could weigh on the labour market in the coming months. The White House aims to trim the 2.3 million-strong federal workforce, excluding the military and postal service, which Trump calls bloated.

Markets
Overnight
A broad selloff dragged all three major US stock indexes into the red, with the Dow leading the decline, dropping 1.01%. The S&P 500 ended its two-day streak of record highs, while the Nasdaq also closed lower. Walmart, the world’s largest retailer, sparked the downturn after issuing a fiscal year sales and profit outlook that fell short of analysts’ expectations, signalling potential weakness in consumer demand. Walmart shares plunged 6.5%, dragging down other retail giants like Target, which fell 2.0%, and Costco Wholesale, which lost 2.6%. The combination of tariff anxieties and retail sector woes underscored growing concerns about the resilience of the US economy amid rising headwinds.

US Treasury yields ended lower on Thursday as economists raised concerns about a potential uptick in jobless claims in the months ahead. The move came despite data showing initial jobless claims rose only modestly, increasing by 5,000 to 219,000 for the week ending February 15. While jobless claims remain near historically low levels, some analysts warn that federal employees affected by recent layoffs could begin filing claims in the coming months, potentially pushing the numbers higher. 

The US dollar retreated against major currencies on Thursday as investors weighed President Donald Trump’s latest tariff plans, and the yen surged to an 11-week high against the greenback amid growing expectations of further rate hikes by the Bank of Japan. The yen climbed to 149.40 per dollar, its strongest level since late November, while the dollar index fell 0.77% to 106.35.

Brent crude oil prices climbed on Thursday, supported by concerns over potential supply disruptions in Russia. Brent crude futures rose 0.58% to settle at 76.48 a barrel. The gains reflected ongoing geopolitical tensions and market unease over the impact of sanctions and production challenges in key regions. 

 

 

Day’s Ledger

Economy

• Japan January Core CPI Data
• India February S&P Manufacturing and Services PMI Data
• India Weekly FX Reserves Data
• Eurozone February HCOB Composite PMI Data
• UK February S&P Composite PMI Data
• UK January Retail Sales Data
• US Baker Hughes Oil Rig Count Data
• US February S&P Composite PMI 
• US January Existing Home Sales Data

Companies 

• Ami Organics to consider Stock Split
• IND-AGIV Commerce to consider preferential issue of shares
• DIC India to announce December quarter earnings
• Starlog Enterprises to consider preferential issue of shares
• Debock Industries to announce December quarter earnings
• Welspun Specialty Solutions to consider right issue of equity shares
• Lancor Holdings to consider fund raising plans

Policy

• SEBI Chairperson Buch to speak at Launch of key MF industry initiatives
• RBI Deputy Governor Rao, SEBI Whole Time Member Narayan, RBI MPC member Bhattacharya and Former RBI Governor Subbarao to speak at NSE-IIM Kozhikode event
• Minutes of the RBI Monetary Policy Committee's  February 5 to 7 Meeting
• European Central Bank member Lane Speaks  

Tickers 

• CIPLA has received final approval from the US Food and Drug Administration (USFDA) for its New Drug Application submitted for Nilotinib capsules. Nilotinib is used for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia (CML). 
• DELTA CORP and its subsidiary Deltatech Gaming (DGL) have entered into agreements with Head Digital Works. 
• GAMCO board has approved the issue of 5 bonus shares for every 4 existing equity shares to the eligible equity shareholders.
• GANESH INFRAWORLD has received a turnkey contract worth ₹1.30 billion for water management and civil works at various projects in Kolkata.
• GRINDWELL NORTON Board has appointed Venugopal Shanbhag as the Managing Director of the company, effective April 1.
• HG INFRA ENGINEERING has transferred its 100% equity stake in its subsidiary Rewari Bypass to Highways Infrastructure Trust for ₹1.33 billion.
• INDIAN OVERSEAS BANK announced that SEBI has issued an administrative warning letter to the bank due to the non-conduct of a nomination and remuneration committee meeting for FY24.
• ITI has received a revised order from AMRCD, stipulating that ITI shall transfer its 22.258 acres of land at Electronic City, Bangalore, to C-DoT through a sale deed for ₹2 billion.
• JM FINANCIAL has received a tax refund order of ₹2.30 billion from the Deputy Commissioner of Income Tax with respect to the assessment year 2008-09. 
• KEYSTONE REALTORS announced that the National Company Law Tribunal has sanctioned the Scheme of Amalgamation of Key Fortune Realtors with Keystone Realtors.
• MAHINDRA AND MAHINDRA to invest in its subsidiaries M&M Financial Services and Mahindra Lifespace Developers via a rights issue. 
• NARAYANA HRUDAYALAYA has laid the foundation stone for a 1,100-bed super-specialty hospital named Narayana Health City in Kolkata. 
• NTPC GREEN ENERGY has signed a Memorandum of Understanding with Bharat Light and Power to address the need for accelerating green energy objectives and the Government of India’s efforts towards a carbon-neutral economy.
• SAMVARDHANA MOTHERSON INTERNATIONAL has incorporated its subsidiary, Motherson Treasury Strategy, within the jurisdiction of the Abu Dhabi Global Market.
• TANLA PLATFORMS’ subsidiary, Karix Mobile, has incorporated PT Karix  Communications Indonesia in Indonesia as its wholly owned subsidiary.
• TATA STEEL has acquired 191.08 crore ordinary equity shares of T Steel Holdings Pte (TSHP) for $300 million.
• THOMAS COOK and its group company, SOTC Travel, announced collaboration with Fairfax Digital Services, LTIMindtree, and Voicing.AI to build India’s first multimodal, multi-lingual, agentic voice-enabled, GenAI advisor – Dhruv. 
• ZEN TECHNOLOGIES has invested $10 million in Zen Technologies USA, Inc#

Must Read

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• Burman family acquires control, becomes promoter of Religare Enterprises
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