Shares of gold loan providers, including Muthoot Finance, Manappuram Finance and IIFL Finance, extended their gains on Friday as gold prices continued to climb, supported by a weaker dollar and the US Treasury’s bond-buyback move.

Gold prices have been recording sharp gains since Thursday after a surprise liquidity support announcement by the US Treasury pushed yields and the dollar lower.

Gold futures on the MCX with an October expiry crossed Rs 1.6 lakh per 10 grams, while the December and February contracts traded above Rs 1.62 lakh and Rs 1.64 lakh per 10 grams, respectively.

Muthoot Finance, Manappuram Finance and IIFL Finance provide loans with gold as collateral.

Rising gold prices will increase the value of the pledged collateral. Since gold loans are sanctioned based on the per-gram valuation of gold, higher prices will require borrowers to pledge less jewellery to access the same loan amount, which in turn can make such loans more attractive.

Muthoot Finance shares jumped 3% on Friday to trade at Rs 3,047 apiece, while Manappuram Finance gained over 2%. IIFL Finance shares rallied around 6%. The three stocks have gained 5-7% over the past two sessions.
Also read | Dividend alert! Last day to buy Senco Gold, NALCO and 8 other stocks for dividend rewards

What’s boosting gold prices?

The US Treasury Department earlier this week announced that it would double the size of liquidity support buyback operations for longer-dated notes and bonds. The US dollar, meanwhile, remained muted, making the American greenback-priced metals cheaper for buyers ⁠holding other ‌currencies.

Markets are now pricing in a 64% probability that the Fed will leave interest rates unchanged in September, while the probability of a rate hike stands at 36%, according to the CME FedWatch Tool. Gold is traditionally viewed as a hedge against economic turmoil and inflation, but higher interest rates can weigh on demand for the non-yielding asset.

Meanwhile, the geopolitical turmoil continues to boil in the Middle East. US Treasury chief Scott Bessent said the United States will impose “the toughest sanctions in history” on Iran, dding that the move could reduce the need for new major military operations.

This comes after US President Donald Trump has warned of economic consequences against any country that provided “any type of lifeline to Iran”. In a message posted on social media on Wednesday evening, Trump promised “Economic Warfare and Isolation on an unprecedented scale,” although details were scant. Iran has faced continuous punitive economic sanctions for nearly 50 years, since the Islamic Revolution of 1979.

Also read |Gold steadies, heads for third straight weekly gain

“ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type ⁠of lifeline ‌to Iran will itself face TREMENDOUS Economic Consequences,” Trump wrote.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Deric Ned, founder of Ridgemont Capital, based in Pasadena, California, believes one question separates a real financial plan from a relationship mistaken for one: why do you own what you own? It sounds simple. Many people, when asked directly, find they can’t answer it with much precision.

Why Trust Isn’t Load-Bearing

Most people choose a financial advisor the way they choose a friend: they like the person, they feel comfortable with them, and comfort starts to stand in for understanding. Deric sees that as a risk, not because trust is bad, but because it’s fragile. “Trust is probably one of the most fragile things you can build anything on,” he says. “You could be married to somebody for 40 years and lose all trust in them in a matter of three seconds. It doesn’t take anything to destroy an entire lifetime of trust, and rebuilding that trust is nearly impossible.”

A plan resting on comfort alone tends to wobble the moment comfort runs out, whether that’s a rough quarter in the market or a worrying headline. A plan the client can explain in their own words tends to hold steadier.

What a Documented Answer Looks Like

Deric points to a common pattern in how performance gets discussed industry-wide: strong years get credited to skill, weak years get filed under patience. “If your account goes up, I’ll tell you I’m a genius. If your account goes down, I’m going to tell you, ride it out,” he says, describing the reflex. It’s not dishonest so much as incomplete. Neither response actually explains why a given holding is in the account or what it’s supposed to be doing there.

Answering that question well takes documentation: what’s owned, what it costs, what it’s expected to do, and how it behaves under different conditions. At Ridgemont, that kind of documentation is treated as the starting point of a client relationship rather than something produced only when asked. Diagnosis comes before any recommendation, and recommendations are meant to be reviewable on paper, not just remembered from a conversation.

Why the Question Is Worth Asking Yourself

For a client, the value of this isn’t philosophical. It’s practical. A statement is a list of decisions, and each line should have a reason attached that the client can state without help. A fund holding large U.S. companies is there for broad equity exposure. A bond maturing in a given year is there because it’s earmarked for a specific expense. When a client can produce that kind of answer for most of what they hold, they have a plan. When they can’t yet, that’s simply a good place to start.

This isn’t about finding fault with any advisor. Most people in the industry are doing honest work in a system that rewards steady, ongoing relationships more than it rewards frequent line-by-line reviews. That’s a reasonable trade-off for many clients. It just means the responsibility for asking the question often falls on the client rather than waiting for someone to raise it first.

Deric’s broader point is about confidence, not confrontation. A client who understands what they own and why can sit with a bad headline or a rough quarter without needing anyone to talk them down. That’s the outcome worth aiming for: not a better relationship with an advisor, but a client who feels steady on their own.

Shares of Hindustan Copper rose as much as 3.6% to Rs 580.50 on Friday before paring some gains. The rally came as global copper prices edged higher, supported by a weaker US dollar, although the metal remained on track to end a seven-week winning streak amid rising inventories and narrowing nearby price spreads.

Benchmark three-month copper on the London Metal Exchange (LME) rose 0.53% to $14,111.50 a tonne, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.36% to 107,570 yuan a tonne. Despite Friday’s gains, LME copper remained down around 0.30% for the week.

Copper supply tightness shows signs of easing

The global copper market, however, is showing some signs of easing supply tightness. Copper inventories in LME-monitored warehouses rose to 239,925 tonnes on Thursday, up more than 17% from 204,975 tonnes on August 14.

More than 38,000 tonnes of copper entered the LME warehouse system during the first three days of the week, following 42 consecutive sessions of inventory declines through last Friday.

The premium for cash copper over three-month delivery, which surged to $545 a tonne earlier this week, its widest since late 2021, had narrowed to around $76 in the current session.

For Indian copper producers, the global price trend remains an important near-term trigger, particularly as copper continues to trade at elevated levels despite the recent moderation in prices.
Also Read: Jefferies favours two-wheeler stocks over four-wheeler stocks as earnings gap widens

What technical analysts say

Hindustan Copper has also attracted buying interest from a technical perspective. The stock has broken out above the Rs 550 resistance zone, accompanied by positive price action and rising volumes.

The stock is trading above its major exponential moving averages (EMAs), while the relative strength index (RSI) remains above 60, indicating improving bullish momentum.

“Hindustan Copper has given a strong breakout above the Rs 550 resistance zone with positive price action and rising volume. The stock is trading above its major EMAs, while RSI remains above 60, indicating improving bullish momentum and supporting further upside,” said Virat Jagad, senior technical research analyst at Bonanza Portfolio.

Jagad has a Buy recommendation on Hindustan Copper, with a buying zone of Rs 572-575, a stop-loss at Rs 515 and a target price of Rs 655. The target implies an upside of around 14% from the stock’s current price of Rs 576.40.

Also Read: India’s family office wealth to grow 1.5x in three years as ultra-rich shift strategies: Report

Hindustan Copper share price

Hindustan Copper shares have gained 8.87% in a week and 16.97% over the past month, according to exchange data. The stock is up 10.21% so far in 2026, while its one-year gain stands at a sharp 140.19%.

Over a longer period, the stock has delivered even stronger returns, rising 321% in three years and 381% in five years.

Also read: US debt tops $40 trillion: Chris Wood flags the 5% trigger that could rattle stock market

The stock’s 52-week high stands at Rs 759.20, while the 52-week low is Rs 226.25. At the current price, Hindustan Copper remains around 24% below its 52-week peak, despite its sharp gains over the past year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The government borrowed slightly more than expected in July, according to figures published as Chancellor John Healey draws up his first Budget.

The Office for National Statistics (ONS) said borrowing was £2.3bn more than official forecasts from the Office for Budget Responsibility (OBR).

Borrowing, the gap between what the government spends and what it takes in tax receipts, was £1.8bn in July, two thirds higher than the same month last year.

Economists warned the figure will restrict Healey and Prime Minister Andy Burnham’s room for manoeuvre as they target measures aimed at easing the cost of living for households, with little room to increase borrowing in the Budget on 27 October.

Healey has made it clear he will oversee “strong fiscal discipline” at the Budget – which will limit how much the government has to spend.

He has adopted his predecessor Rachel Reeves’ fiscal rules, which commit the government to funding all day-to-day spending through tax receipts by the end of the decade.

Responding to the borrowing figures, Healey said: “We are cutting the deficit faster than any other G7 economy, while giving people a bit of breathing space with cost of living pressures and focusing support to get young people into work.”

The government borrowed £16bn less in July than it did in June, helped by a surge in self-assessed income tax receipts.

But the figure came in higher than expected due to increased welfare spending, including benefits and other payments such the state pension. Social payments were £2bn higher than the same period last year.

The ONS said borrowing from April to July, the first four months of the government’s fiscal year, has reached £56.7bn. This is lower than last year, but £2.3bn higher than forecasts from the OBR, which the government uses when drawing up its spending plans.

Senior economist at Capital Economics Ashley Webb said the figure continued a “run of bad news” for the economy and that “there will be little scope to raise borrowing in the Budget later this year”.

He said the borrowing overshoot “will probably get bigger” this year as economic growth slows and the government rolls out more measures to support households with the cost of living.

Joe Nellis, head of economic research at accountancy MHA, also said the figures will not “prevent difficult decisions that must be made in the upcoming October Budget”.

Healey will have to find “additional tax revenue, tighter control over public sector spending and changes elsewhere” to balance the books and meet the government’s fiscal rules.

“Failure to do so will unsettle the financial markets and potentially push up the cost of government borrowing still further,” Nellis warned.

The ONS also said Britain’s overall debt pile is approaching £3tn, having grown by £127.2bn a year earlier. The Conservatives said Labour’s spending would leave “ordinary families” left to cover the bill.

Shadow Chancellor Mel Stride said: “We spend more on just the interest of our soaring debt than we do on our defence, police, and prisons combined. We simply cannot afford the price of Labour.”

The ONS also said retail sales were lacklustre in July, falling 0.5% from June. Analysts said the drop was caused by a surge of hot weather and a World Cup-induced surge in sales in June. Clothing and footwear saw the slowest growth since May last year.

This article was written by

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WASHINGTON — First lady Melania Trump made her first major public appearance since mid-July on Thursday, poking fun at her limited visibility throughout her husband’s second term as she took the stage at the White House Rose Garden to announce a new scholarship initiative for young people who grew up in foster care.

“Good afternoon,” the first lady told members of the press gathered for the event. “I heard you missed me. Here I am.” The remark drew attention to a pattern that has defined much of her public presence during President Donald Trump’s second term, during which she has largely stayed out of the national spotlight compared with more traditional expectations for the role.

Thursday’s event centered on the announcement of a new round of scholarships aimed at supporting students who spent time in foster care, developed in partnership with Fox Corporation and IndyCar ahead of the racing series’ upcoming Freedom 250 Grand Prix. According to details shared at the event, the initiative will provide $2 million in scholarship funding for eligible students at Indiana University and Purdue University who grew up in the foster care system.

The scholarship program builds on the first lady’s longstanding “Fostering the Future” initiative, which she has maintained since 2021, spanning both the period between her husband’s first and second terms in office. Speaking about the significance of the new scholarships, Trump emphasized the potential of young people currently navigating the foster care system. “Tomorrow’s leaders are sitting in classrooms today, including those growing up in foster care. Their capability is no less remarkable,” she said.

Trump’s relatively limited public role during the current administration marks a departure from how she previously described anticipating her return to the White House. Speaking to Fox News ahead of President Trump’s second inauguration, she reflected on how her expectations for this term differed from her experience during his first. “The first time was challenging. We didn’t have much of the information,” she said at the time. “But this time, I have everything … I already selected the furniture that needs to go in, so it’s a very different transition this time.”

In that same interview, Trump outlined a vision for her role that emphasized flexibility across multiple residences rather than a continuous, highly visible presence in Washington. “I will be in the White House. And when I need to be in New York, I will be in New York,” she said. “When I need to be in Palm Beach, I will be in Palm Beach. My first priority is to be a mom, to be a first lady, to be a wife.” That framing has largely held true throughout the opening stretch of the administration’s second term, with Thursday’s Rose Garden appearance standing out as a comparatively rare instance of the first lady stepping into a prominent public role.

The scholarship announcement arrived alongside a broader slate of developments unfolding across Washington on Thursday. Vice President JD Vance said Treasury Secretary Scott Bessent has developed what he described as a “very discreet plan” aimed at addressing the nation’s $40 trillion national debt, a figure that has continued to draw bipartisan concern on Capitol Hill even as lawmakers from both parties have struggled to reach consensus on how to meaningfully rein in the growing federal debt load.

Elsewhere in the administration’s public messaging Thursday, President Trump and businessman Michael Cohen, his former personal attorney turned outspoken critic, appeared to set aside years of public animosity during a radio interview, with Trump telling Cohen he had been “weaponized” during their long-running feud. The unexpected exchange added another notable moment to a day already featuring a range of high-profile administration news.

On the international front, the U.S. State Department approved a possible $4.5 billion sale of refueling aircraft to Qatar, according to Thursday’s defense and national security coverage, part of the administration’s continued efforts to strengthen military cooperation with key Gulf allies amid ongoing regional tensions tied to the broader conflict between the United States and Iran.

Thursday’s Rose Garden event marked a notable public reappearance for the first lady following weeks largely out of public view. While Melania Trump has periodically stepped forward for specific initiatives tied to her longstanding interests, including her continued focus on supporting foster youth through educational scholarships, her overall public schedule during the current administration has remained considerably lighter than that of many of her predecessors, a pattern she has previously suggested reflects a deliberate choice about how she wishes to balance her responsibilities as first lady with her personal life and family priorities.

As the administration continues navigating a range of significant policy and political developments, from mounting concern over the national debt to ongoing defense cooperation agreements with Gulf allies, Thursday’s foster care scholarship announcement offered a comparatively lighter moment of public engagement for the first lady, one she used both to advance a cause she has championed for several years and to acknowledge, with evident self-awareness, her own relatively limited visibility throughout her husband’s second term in office.