Iran’s Supreme Leader Ayatollah Ali Khamenei said that Iran “will not yield to the enemy” in response to US President Donald Trump’s remarks to come to the aid of Iran’s protests if they were fired upon. Khamenei also acknowledged the economic grievances driving the demonstrations while also warning against the “rioters.”In response to Trump, Khamenei said, “God willing and by ‍divine grace, we ‍will ⁠bring ⁠the enemy to its knees.” This comes after Trump on Friday, in a post on Truth Social, said, “If Iran shoots and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue.”In a speech marking the Shiite holiday, Khamenei recognised the economic demands of the protestors, saying, “The president and high-ranking officials are working to resolve.” “The shopkeepers have protested against this situation, and that is completely fair,” he addedHowever, he also drew a sharp distinction between peaceful protest and unrest, warning that “rioters must be put in their place.”Protests erupted last Sunday over rising prices and economic stagnation in the sanctions-hit country and have since become violent, spreading to more than two dozen cities. According to an AFP tally based on local media, at least 25 cities have seen protest gatherings of varying sizes, though coverage remains limited and many social media videos cannot be independently verified.Official figures say at least eight people have been killed in the unrest so far, including members of the security forces. The first deaths were reported on Thursday following clashes between demonstrators and authorities.On Saturday, the Mehr news agency, quoting the Revolutionary Guards, reported that Ali Azizi, a member of the Basij paramilitary force, was killed in the western city of Harsin “after being stabbed and shot during a gathering of armed rioters.”Separately, Tasnim news agency reported that a man was killed in the holy city of Qom when a grenade he was attempting to use exploded “in his hands.”While the demonstrations began over economic hardships, they have increasingly taken on political overtones, with some protesters chanting slogans against the ruling establishment.

India has set up 132 Compressed Bio Gas (CBG) plants with a combined production capacity of 920 tonnes perday, with more capacity being added under the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative, Union petroleum and natural gas minister Hardeep Singh Puri said on X.In a social media post, the minister said the CBG programme is helping convert farm and organic waste into clean fuel while supporting rural incomes and lowering emissions. “What was once waste is now powering progress. India has 132 Compressed Bio Gas plants producing 920 TPD today, with more capacity coming up under SATAT,” Puri wrote.SATAT was launched on October 1, 2018, with the objective of creating an ecosystem for producing CBG from waste and biomass sources across the country. Under the initiative, oil and gas marketing companies such as IOCL, BPCL, HPCL, GAIL and IGL have invited expressions of interest from entrepreneurs to procure CBG for marketing, according to news agency ANI.Separately, the minister also highlighted recent steps taken to boost India’s domestic energy production. Puri said that in December 2025, India offered 50 new exploration and production blocks covering oil, gas and coal bed methane assets, describing it as a significant step towards strengthening energy security.“We are offering 50 new E&P blocks across Open Acreage Licensing Policy (OALP-X): 25 blocks, Discovered Small Field (DSF-IV): 55 fields across 9 contract areas/blocks. Special CBM Bid Rounds 2025 and 2026: 3 blocks (2025) & 13 blocks (2026),” the minister said in his post.Under the Open Acreage Licensing Policy, 25 blocks covering around 1.83 lakh square kilometres are on offer, including onland, shallow water, deepwater and ultra-deepwater blocks. Puri said these blocks allow exploration throughout the contract period, graded royalty rates and flexibility in work programmes.The Discovered Small Field Bid Round-IV includes 55 discoveries across nine contract areas, with incentives such as zero royalty for the first seven years in deepwater areas and relaxed eligibility norms. Similar incentives apply to coal-bed methane rounds, including pricing freedom and cost reimbursement for mandated drilling in the 2026 round, as per ANI.Puri also said the Oilfields (Regulation and Development) Amendment Act, 2025 and the PNG Rules 2025 have introduced a unified regulatory framework to improve ease of doing business in the sector.

Gold and silver price outlook (AI image)

Gold and silver price rallies in 2025 left investors gasping – the stellar run of the precious metals was unprecedented and many had not predicted such a steep rise in the prices of the yellow and white metals. But what happens in 2026? Will gold and silver continue their record breaking run this year as well?Gold prices had an exceptional year in 2025 continuing their bull run and witnessing around 52 new record highs while also the strongest annual returns since 1979. Gold closed at $4319 on the last trading day of 2025; thus, it gained around 65% last year, while silver surged 148% to $71.66.In the last five years, gold has rallied from $1898 to $4488; thus, giving a return of 127%, while silver in the same period surged from $26.40 to $71.66, which amounts to a return of 171%. So, in the last five years silver has outperformed gold, though the major catch-up play by silver happened in the second half of 2025. Since August 27 silver has rallied nearly 82%, while gold has been up by 28%.

Why did gold & silver rally so much in 2025?There were a multitude of factors that contributed to the stellar rallies in the two metals in 2025, and some of these are expected to continue to propel these precious metals to new highs this year as well.Praveen Singh, Head – Commodities and Currencies, Mirae Asset ShareKhan says that the stellar rally in the precious metals in 2025 has been driven by a confluence of strong fundamental factors including political concerns (rising social instability risk) , geopolitical tensions (fragmentation, slowdown in globalization, realignments of global powers initiating reset of geopolitical order), trade wars (risks to global economy, increased polarization), mounting macroeconomic worries as surging global debt and reckless fiscal spending, and debasement of currencies by central banks and governments in key economies have made hard assets ,like gold and silver natural assets of choice.

Abhilash Koikkara, Head – Forex & Commodities at Nuvama Professional Client Group explains, “In 2025, deep structural factors rather than merely short-term money speculation drove up the prices of gold and silver. Although short-term fluctuations have been influenced by the US Federal Reserve policy, the primary drivers were more fundamental.” According to Koikkara, the rise of gold signals a change in the world’s financial and monetary system. “Gold has evolved from a passive safe haven to a crucial macro asset due to rising central bank buying, mounting fiscal pressure in developed nations, and a general shift towards de-dollarisation,” he told TOI. Liquidity conditions, which had been tightening for over a year, began stabilising in early 2025 which is historically a favourable environment for gold.

On the other hand, silver’s rally, while aligned with macro tailwinds, is driven more directly by physical market fundamentals. “Structural supply deficits, accelerating industrial demand from electrification, renewable energy, AI, and electronics, along with robust investment inflows, have tightened the market. Unlike previous cycles, silver’s strength is grounded in consumption growth and supply inelasticity rather than speculative excess,” he says.In fact, Praveen Singh points out that the traditional relationship of gold with key drivers like US Dollar and yields has broken. “Threats to the reserve status of the US Dollar are multiplying due to US twin deficits, weaponization of the currency, trusts in US treasuries getting eroded and the US President Trump adopting ‘US first policy’,” he tells TOI.

Interestingly, global central banks continue to diversify their forex reserves as they reduce their dependence on the US Dollar by adding more gold to their reserves. “This diversification has been a key factor in boosting gold prices in recent years, especially since 2022 as the West confiscated nearly $300 worth of Russian assets in the wake of Russia-Ukraine war,” Singh adds.Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities says that rupee weakness has boosted the prices in domestic market, as rupee saw weakness of 5% this year. Dollar weakness, de-dollarisation themes, and concerns around global debt sustainability have increased allocation toward precious metals. Silver has also benefited from strong industrial demand linked to clean energy, EVs, and grid infrastructure, adding a structural demand layer to the rally.Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares & Stock Brokers is of the view that the sudden spike in import demand from key consuming nations such as India prior to Diwali festival along with increased interest seen in Global ETFs were also behind the rally in second half of 2025 while 3 consecutive rate cuts seen in US since September onwards also kept the investment flows intact in Gold. Overall a supercharged geo-economic environment combined with dollar weakness kept the safe haven flows intact, he told TOI.But why did silver rally more than gold?Praveen Singh of Mirae Asset ShareKhan explains:

Nearly 59% of silver is currently consumed for industrial purposes, making it highly susceptible to developments in solar energy, electric vehicles, semiconductors, artificial intelligence infrastructure, and electronics. “The World Silver Survey 2025 projects a deficit of 117.6 million ounces, extending a shortfall that has existed for nearly six years. These pressures have been exacerbated by investment demand. While investor positioning is still underdeveloped in comparison to historical peaks, ETF holdings have increased to 850 million ounces, the highest level in more than three and a half years. Silver is far more sensitive to favorable macro and liquidity changes than gold due to a combination of limited supply, growing industrial use, and increased financial demand,” he tells TOI.

Where are gold and silver headed in 2026?Maneesh Sharma of Anand Rathi Shares & Stock Brokers tells TOI that gold should continue to perform steadily, supported by expectations of lower global interest rates, geopolitical uncertainty, continued central bank buying, and a softer US dollar along with continued ETF inflows. “However, its gains may moderate as investors continue to adjust to higher prices.” Silver, on the other hand, despite higher volatility, may continue to outperform gold in percentage terms due to its dual role as both a precious and industrial metal, he said. “For the next one year, gold could deliver 25–30% returns on an annual average basis. Meanwhile Silver may still offer higher returns on an annual average basis but volatility with intermittent corrective moves could remain high in Silver as compared to gold,” he said.Between the two, silver has a higher probability of outperforming gold, especially in the first half of 2026, primarily due to persistent supply deficits and strong structural industrial demand from sectors such as Solar energy, EVs, AI infrastructure & electronics, he added.“In rupee terms MCX Gold futures could test Rs 1,60,000 – 165,000 / 10 gm on the higher side, while silver could witness levels of around Rs 3,25,000 – 3,50,000 / kg on the higher side in futures contract. However Silver always remains a highly volatile commodity with the market being less liquid & roughly 8 – 9 times smaller than the gold market, thus it always shows amplifying price moves as compared to gold,” he predicts. Praveen Singh of Mirae Asset ShareKhan tells TOI:

Jateen Trivedi of LKP Securities says Comex gold could target $5,000–$5,200, while MCX gold may move toward ₹1,50,000–₹1,55,000 per 10g, supported by rate cuts, central bank demand, and geopolitical hedging.“Silver could aim for $100–$110 on Comex and ₹3,00,000–₹3,25,000 per kg domestically, driven by industrial demand growth and continued investment interest,” he tells TOI.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

The ministry of road transport and highways has proposed assigning an Aadhaar-like unique identification number to electric vehicle (EV) batteries to ensure end-to-end traceability and improve recycling efficiency, according to draft guidelines issued by the ministry.Under the proposed framework, battery producers or importers will be required to assign a 21-character Battery Pack Aadhaar Number (BPAN) to every battery they introduce in the market, including those used for self-consumption, as per news agency PTI. They will also have to upload relevant Battery Pack Dynamic data on the official BPAN portal.“The battery producer or importer shall have the obligation of assigning a unique Battery Pack Aadhaar Number (BPAN) to each battery that they introduce in the market and the battery they put to self-use,” the draft guidelines said. It added that the BPAN must be placed in a “clearly visible and accessible position” and located in a way that it “cannot be destroyed or deteriorate.”As per the ‘Guidelines for Implementation of Battery Pack Aadhaar System’, the BPAN will capture and store key information throughout the battery’s lifecycle, starting from raw material extraction and manufacturing to usage, recycling or final disposal. Any change in attributes due to recycling or repurposing will require the issuance of a new BPAN by the same or a new producer or importer.The ministry said the system aims to bring greater transparency, accountability and sustainability to the battery ecosystem by enabling accurate tracking of battery performance and environmental impact. BPAN is also expected to play a key role in facilitating second-life usage, regulatory compliance and efficient recycling.Electric vehicle applications currently account for 80–90 per cent of total lithium-ion battery demand in India, far exceeding demand from industrial or non-automotive uses. While the guidelines recommend applying BPAN to industrial batteries above 2 kWh, EV batteries have been proposed as a priority segment during standard formulation, given their scale, safety implications and regulatory relevance.“This approach will ensure that the Battery Pack Aadhaar framework addresses the most impactful segment of the Indian battery ecosystem in its initial phase,” the draft said.The ministry has recommended that the framework be developed through the Automotive Industry Standard route under the Automotive Industry Standards Committee, enabling structured stakeholder consultation, technical validation and alignment with existing automotive regulations, as per PTI.

The Indian Rice Exporters’ Federation (IREF) has called on the Union government to announce focused fiscal and policy measures in the Union Budget 2026 to strengthen India’s rice export ecosystem, covering both basmati and non-basmati varieties.In a representation to finance minister Nirmala Sitharaman, the federation underlined the importance of rice exports for the economy, rural livelihoods and global food security, reported news agency ANI. It flagged multiple challenges facing the sector, including ecological stress, rising costs and market volatility, and said targeted budgetary support could improve competitiveness while ensuring sustainability and better returns for farmers.“The rice sector faces ecological stress, notably groundwater depletion in major paddy belts, high fiscal costs of procurement and storage, and market and compliance volatility,” the federation said in its letter. It added that the Union Budget 2026 could help address these issues through “targeted fiscal and enabling measures” that strengthen sustainability and farmer outcomes.IREF outlined a series of priority demands aimed at supporting the entire rice value chain. One key ask is the introduction of tax and investment incentives linked to verified water-saving and low-emission farming practices. These include Alternate Wetting and Drying (AWD), Direct Seeded Rice (DSR), laser land levelling and the use of energy-efficient milling technologies. According to the federation, such measures would reduce environmental stress while improving long-term productivity.The exporters’ body also urged the government to encourage farmers to shift acreage towards premium basmati rice and GI-tagged, organic and speciality non-basmati varieties. This, it said, would help farmers earn higher realisation, promote market-led crop diversification and lower dependence on minimum support price-based procurement systems.To improve export competitiveness, IREF sought interest subvention on export credit to ease working capital pressures faced by exporters. It also called for targeted freight and port facilitation measures to reduce logistics costs, which remain a key concern for rice shipments.The federation further requested the continuation and appropriate calibration of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for rice. Ensuring that embedded taxes are adequately refunded, it said, is crucial for maintaining India’s competitiveness in global markets.Another major concern raised was the need to strengthen export finance guarantees and upgrade compliance-related infrastructure. This includes better testing facilities, traceability systems and quality assurance mechanisms to protect India’s standing in premium international markets.“These measures will directly lower exporters’ costs, incentivise sustainability and encourage the scaling up of value-added shipments,” said Dr Prem Garg, national president of IREF, as per news agency ANI. He added that rice should be explicitly covered under budgetary initiatives related to export credit, logistics and trade facilitation.Citing industry data, the federation said India currently accounts for around 40 per cent of global rice trade, a level of dominance unmatched in any other commodity. Having met domestic food security needs, it said India is well-positioned to supply international markets at scale. In FY2024-25, the country exported about 20.1 million tonnes of rice to more than 170 countries, according to figures shared by IREF.

The US commerce department is preparing to ease the steep tariffs planned on Italian pasta imports, reducing the duties proposed earlier this year. Italian pasta had been facing one of the highest tariff burdens among European food products entering the United States. While most European Union goods are already subject to duties of at least 15%, pasta exports from Italy were initially set to attract an additional 92% levy, taking the total tariff rate to 107%. Under the revised proposal, the duties are now expected to fall within a range of 24% to 29%. The commerce department said the final tariff rates would be announced on March 12, following a review process detailed in a post-preliminary report released on Wednesday. The investigation was launched to examine claims that some Italian producers were selling pasta in the US market at unfairly low prices. A commerce department official told CNN that the reduction followed an “evaluation of additional comments received following a preliminary determination.” “Italian pasta makers have addressed many of commerce’s concerns raised in the preliminary determination, and reflects commerce’s commitment to a fair, transparent process,” the official added. The case involves 13 Italian pasta manufacturers and stems from an antidumping complaint filed in July by two US-based companies, 8th Avenue Food & Provisions and Winland Foods. The companies accused several Italian exporters of undercutting prices on pasta shipped to the United States. In preliminary findings issued in September, the commerce department said two firms, La Molisana and Pastificio Lucio Garofalo, sold pasta in the US “at less than normal value.” The report also described both companies as “uncooperative” during the probe, stating that the information they provided was “incomplete and unreliable.” The department noted that these two producers accounted for the largest share of Italian pasta exports to the US market. Neither company responded immediately to CNN’s request for comment. Italy’s ministry of foreign affairs welcomed the latest development, saying the revised tariff outlook reflected improved cooperation. “The redetermination of the tariffs is a sign of the recognition by US authorities of our companies’ willingness to cooperate,” the ministry said.

Venezuela’s government on Saturday accused the United States of attacking civilian and military installations in multiple states after at least seven explosions and low-flying aircraft were reported over the capital, Caracas, around 2 am local time.Following the strikes, President Nicolás Maduro declared a nationwide state of emergency, ordered national defence plans to be implemented and called for ‘mass mobilisation’.

Meanwhile, US officials later told CBS News that President Donald Trump ordered strikes on sites inside Venezuela, including military facilities, as Washington escalated its campaign against the Maduro government.The strikes followed months of US military buildup in the region, including the deployment of the USS Gerald R Ford aircraft carrier and several other warships in the Caribbean. In recent weeks, the United States has seized two oil tankers off Venezuela and launched deadly strikes on more than 30 boats which, according to the US, were carrying drugs.Colombian President Gustavo Petro shared Venezuela’s official statement on X, which said:“The Bolivarian Republic of Venezuela rejects, repudiates, and denounces before the international community the extremely serious military aggression perpetrated by the current Government of the United States of America against Venezuelan territory and population in the civilian and military areas of the city of Caracas, capital of the Republic, and the states of Miranda, Aragua, and La Guaira.This act constitutes a flagrant violation of the United Nations Charter, particularly its Articles 1 and 2, which enshrine respect for sovereignty, the legal equality of States, and the prohibition on the use of force. Such aggression threatens international peace and stability, specifically in Latin America and the Caribbean, and puts the lives of millions of people at grave risk.The objective of this attack is none other than to seize Venezuela’s strategic resources, particularly its oil and minerals, attempting to break the Nation’s political independence by force. They will not succeed…”

Government accuses US, calls for mobilisation

In an official statement, Venezuela’s government accused the United States of attacking civilian and military areas and urged supporters to take to the streets.“People to the streets!” the statement said. “The Bolivarian Government calls on all social and political forces in the country to activate mobilization plans and repudiate this imperialist attack.”The statement added that President Nicolás Maduro had “ordered all national defense plans to be implemented” and declared “a state of external disturbance.”

Emergency declared as Maduro alleges regime change bid

The incident comes amid heightened tensions between Caracas and Washington.In a pre-taped interview aired on Thursday, Maduro said the United States wants to force a government change in Venezuela and gain access to its vast oil reserves through a months-long pressure campaign that began with a major US military deployment to the Caribbean Sea in August.Maduro has been charged with narco-terrorism in the United States.

Trump threats, blockade and military buildup

Trump had, for months, threatened that he could soon order strikes on targets on Venezuelan land.The United States has seized sanctioned oil tankers off the coast of Venezuela, and Trump ordered a blockade of others, a move that appeared designed to tighten pressure on the South American country’s economy.The US military has been attacking boats in the Caribbean Sea and the eastern Pacific Ocean since early September. As of Friday, there have been 35 known boat strikes and at least 115 people killed, according to figures released by the Trump administration.The strikes followed a major buildup of American forces off South America, including the arrival in November of the US military’s most advanced aircraft carrier, adding thousands of troops to what was already the region’s largest US military presence in generations.Trump had justified the strikes as a necessary escalation to stem the flow of drugs into the United States and has said the US is engaged in an “armed conflict” with drug cartels.(With inputs from AP)