New Delhi: Gold on the Multi-Commodity Exchange of India opened slightly lower on Thursday, tracking global prices as investors awaited US economic data for guidance on the Federal Reserve policy. MCX gold rate for December expiry declined Rs 122, or 0.11 per cent, at Rs 1,13,525 per 10 grams, down from Wednesday’s close of Rs 1,13,647.

The MCX silver opened lower by approximately Rs 1,000 per kg but rebounded quickly by 0.31 per cent to Rs 1,34,415 per kg as of 9.15 A.M. The price of 24-carat gold (1 gram) was at Rs 11,358 at 10.10 A.M., according to data published by the India Bullion and Jewellers Association (IBJA).

Spot gold in international markets remained near $3,734 an ounce, while US gold futures for December traded around $3,765, as the dollar index fell approximately 0.1 per cent. Meanwhile, analysts say that bullion continues to receive support from robust central bank purchases and sustained inflows into ETFs and that the MCX October gold futures may decline to Rs 1,12,000 if global trends weaken.

The Fed Chair’s cautious remarks on inflation, labour market and future rate cuts could act as a cap on bullion’s gains. “The PBoC is leveraging the Shanghai Gold Exchange to encourage central banks from friendly nations to purchase and store bullion within its borders. On data front, US housing numbers were reported better than expectations, weighing on prices,” said Manav Modi, Analyst – Precious Metal -Research, Motilal Oswal Financial Services Ltd.

Traders are waiting for cues from US economic data to gain further insights into Federal Reserve policy, such as US GDP, Inflation, and durable goods orders data, he added. Additionally, geopolitical tensions boosted demand for the safe-haven metal, as NATO warned Russia it would use “all necessary military and non-military measures” to defend itself, while US President Donald Trump said Ukraine could reclaim all territory held by Russia.

The Co-operative Group has revealed it plunged to a £75 million underlying pre-tax loss for the first half of the year, primarily due to an £80 million earnings hit from a “malicious” cyber attack in April.

This marks a significant downturn from the £3 million profit reported in the same period last year.

The retailer confirmed that the cyber incident, which led to widespread disruption including empty shelves and payment issues for shoppers, impacted sales by an estimated £206 million.

This directly contributed to the £80 million blow to earnings, a sum that also included £20 million of non-underlying one-off costs.

For the six months to July 5, the Co-op recorded a £32 million underlying operating loss, a sharp contrast to the £47 million earnings achieved a year earlier.

The group expects to face a continuing, though diminished, financial impact in the second half of its fiscal year.

Debbie White, chairwoman of the Co-op, said: “The first half of 2025 brought significant challenges, most notably from a malicious cyber attack.

“Our balance sheet strength and the magnificent response of our 53,000 colleagues enabled us to maintain vital services for our members and their communities.”

The Co-op said the hacking attempt was “sophisticated” but that it acted “quickly and decisively to temporarily shut down a number of systems to contain the threat”.

The group shut off parts of its IT systems after the attack, in which hackers accessed and extracted members’ personal data.

It confirmed in July that all 6.5 million members of the Co-op had their data stolen in the incident.

The group said previously that the hackers created a copy of one of the firm’s files but were unable to attack its platforms further and install planned ransomware.

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It said efforts following the incident included moves to keep essential services running, such as its funerals business, while prioritising stock to rural “lifeline” stores.

It also said it supported independent co-op societies and franchise partners to minimise disruption to them, while it offered its members a £10 discount off a £40 shop as a thank you for their support throughout the disruption.

Chief executive Shirine Khoury-Haq said: “The cyber attack highlighted many of our strengths.

“But more importantly, it also highlighted areas we need to focus on – particularly in our food business.

“We’ve already started on this journey, refining our member and customer proposition, making structural changes to our business, and setting our Co–op up for long-term success.”

Last Updated:September 25, 2025, 10:32 IST

An old video of the Microsoft founder praising Indian techies’ contribution to his company presented a stark contrast to the US President Donald Trump’s decision.

US companies must pay $100,000 (Rs 88 lakh) per H-1B application. (Representative Image)

Amidst US President Donald Trump’s controversial crackdown on the H-1B visa, an old clip of Microsoft founder Bill Gates praising his Indian employees is gaining attention. In the video, Gates showers a group of Indian techies with glowing praise and appreciates their efforts in raising his company to new heights.

Microsoft head’s words and encouragement to Indian techies working in the US were widely appreciated on the Indian internet. He presented an alternative approach to Trump’s much-criticised ways after he announced a massive hike in H-1B visa fees to $100,000 (approximately, Rs 88,61,500).

Trump’s move originated from his nationalistic ideals and the “MAGA” (Make America Great Again) vision to provide Americans with more job opportunities by discouraging U.S.-based companies from hiring foreign nationals, regardless of their capabilities.

Bill Gates’ Old Video Praising 15 IIT Grads

The old video of Gates acknowledging the efforts of his Indian employees is from the speech the tech giant delivered at the Indian Institute of Technology (IIT) in Delhi in February 2024. During his speech, Gates recalled the early days of Microsoft, when the company was looking to boost its staff and eyeing world-class engineering talent. A senior colleague then came up with an unconventional idea: hire 15 IIT graduates from India, who would put their heart and soul into work if provided an opportunity.

“In a sense, my first connection with India came because of the IITs,” Gates says in the clip. “One of the great people who worked for me said that he would go over to India and hire about 15 people who had been students at IIT and that would strengthen Microsoft’s engineering capabilities.”

“At the time, we had only a few hundred people, but even so, it was so hard to find amazing engineers. I thought that was a good idea. At the time, the Indian press said it was a terrible thing because all these great people (engineers) were leaving their country. The US press said it was a terrible thing (with) all these people coming to another country. But I think now, over 25 years later, we can say that was a phenomenal thing.”

Bill Gates’ Speech Amid Immigration Debates On H-1B

In the revisited portion of his speech, Gates emphasised the criticism that came Microsoft’s way from US-based news platforms, who decried his team’s decision to hire skilled Indian engineers over American graduates. But the Microsoft founder is now glad he went ahead with the idea and calls it a turning point for his company.

Gates’ approach comes in stark contrast with that of Trump and the existing American regime, posing a major hurdle now for US-based companies in hiring India’s graduates and future working professionals. The move spread widespread disappointment among India’s tech students, who were hoping to fulfil their dream of securing a high-paying job in the US.

Buzz Staff

A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.

A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.

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