Business Brief:Gold hits ₹1.21 lakh, Chip company Nvidia surpasses India’s GDP, Amazon cuts 14,000 jobs

Yesterday’s big news was related to gold and silver. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of gold increased by ₹2,585 to ₹1,20,628. From October 20 to 28, gold prices had fallen by ₹11,541. Meanwhile, the market value of the American semiconductor chip manufacturing company Nvidia crossed 5 trillion dollars, or 453 lakh crore rupees. This figure is about ₹90 lakh crore more than India’s GDP. On the other hand, e-commerce company Amazon sent termination letters to its 14,000 corporate employees, stating: All your access has been immediately terminated. For those who are currently in Amazon offices, security will help you exit the building if needed.
Before yesterday’s big news, here are today’s headlines to watch… Now read yesterday’s big news 1. Gold ₹2,585 more expensive after 9 days of decline: 10 grams priced at ₹1.21 lakh, silver increased by ₹4,737 to ₹1.47 lakh per kg Yesterday, gold and silver prices saw an increase. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of gold increased by ₹2,585 to ₹1,20,628. On Tuesday, the price of gold was ₹​​​​​​​1,18,043 per 10 grams. On Diwali, October 20, gold became cheaper by ₹​​​​​​​1951. From October 20 to 28, gold prices fell by ₹​​​​​​​11,541. This year, gold has become expensive by ₹​​​​​​​44,466. 2. Russian oil ship coming to India suddenly took a U-turn: Tanker of Russia’s state oil company was coming to Sikka Port in Gujarat After the US imposed new sanctions on Russian oil, a ship carrying Russian crude oil bound for India suddenly made a U-turn.
According to ship-tracking data, this large vessel named Furia was heading towards India on Tuesday via a route between Denmark and Germany. The ship was carrying oil sold by Russia’s state-owned oil company Rosneft. This U-turn incident occurred exactly one week after the US blacklisted Russian oil companies Rosneft and Lukoil. The US Treasury Department had announced sanctions on these two companies on October 22, issuing instructions to companies and banks. 3. Chip company Nvidia’s value crosses $5 trillion: ₹​​​​​​​90 lakh crore more than India’s GDP; The company makes chips for mobile-drones, automatic vehicles The market cap of American semiconductor chip manufacturing company Nvidia has crossed $5 trillion, or ₹​​​​​​​453 lakh crore, for the first time. Nvidia has also become the first company in the world to cross this figure. This figure is about 90 lakh crore rupees more than India’s GDP. According to the IMF, India’s GDP is currently 4.13 trillion dollars, or 364 lakh crore rupees. After Nvidia, Microsoft and Apple are the world’s most valuable companies. 4. Amazon laid off 14,000 employees: Termination letter stated – all access closed, if you are in the office, security will escort you out E-commerce company Amazon has laid off 14,000 of its corporate employees. Beth Galetti, Senior Vice President of Human Resources at the company, sent termination letters to these employees via email on Tuesday, October 28. Galetti wrote in the email that all employee access has been immediately revoked. For those currently in Amazon offices, security will assist them in exiting the building if needed. Affected employees will receive 90 days of full salary and benefits, a severance package, and job placement assistance. 5. Soon, direct satellite internet in India: Musk’s company Starlink will give a demo in Mumbai on October 30-31, connectivity will be available everywhere Elon Musk’s company Starlink is going to launch its satellite broadband services in India. For this, the company will conduct a demo run in Mumbai on October 30 and 31. This is a big step for regulatory clearance to start the satellite broadband service. News agency PTI has reported in its report that during this demo, provisional spectrum will be used, which has been temporarily allotted. Law enforcement agencies, meaning police and security personnel, will closely watch it. Also see who were the world’s top-10 richest yesterday Know the status of yesterday’s stock market and gold-silver Know the latest prices of petrol-diesel and domestic gas cylinders