Gold prices on Monday hit record high on expectations of more interest rate cuts by the US Fed and the yellow metal’s status as the steady safe-haven amid weak dollar.Spot gold surged to $4,383.73 after fresh US economic data signalled continued weakness in the labour market, while easing inflation strengthened expectations of further monetary easing by the Federal Reserve. This took the yellow metal past its previous record high of $4,381.52, set in October. The Fed, delivered a quarter-point rate cut last week, fuelling hopes of more easing ahead. Investors are now expecting in two US rate cuts in 2026, a scenario that boosts the appeal of non-yielding assets such as gold. The precious metal, traditionally seen as a hedge in times of uncertainty, has risen 67% so far this year. The rally has been driven by persistent geopolitical and trade tensions, strong buying by central banks and expectations of lower interest rates next year. A softer dollar index has added further support by making gold cheaper for overseas buyers. The global momentum has also been reflected in domestic markets. Last week, MCX gold futures climbed Rs 574, or 0.43% to hit an all-time high of Rs 1,35,590 per 10 grams on Thursday. This marked the fourth consecutive weekly gain and puts gold on course for its twelfth straight monthly rise.Explaining the reason behind last week’s rally, Prathamesh Mallya of Angel One said, “weak dollar, dovish federal reserve, lower inflation data in the US triggered the momentum in gold prices in the recent week.” While gold has posted strong gains, silver has outperformed the yellow metal. Last Friday, silver prices surged 8.08%, touching a record high of Rs 2,08,603 per kilogram. The white metal has climbed more than 130% this year, supported by strong exchange-traded fund inflows and concerns around yen carry trades amid expectations of a rate hike by the Bank of Japan. Looking ahead, market experts remain optimistic about both metals but have flagged the possibility of near-term corrections. Pranav Mer said silver could see further upside, though the risk-reward balance remains stretched. “We continue to maintain positive view in gold and expect prices to rise further to Rs 1,40,000-1,45,000 by early next year, with support for reversal placed at Rs 1,29,000 per 10 grams,” he said.(Disclaimer: Recommendations and views on the asset classes given by experts are their own. These opinions do not represent the views of The Times of India)

Drake Maye and Ann Michael Hudson (Getty Images and Instagram)

Drake Maye walks into Sunday Night Football carrying more than momentum. He brings calm, confidence, and a season that has reshaped how New England views its future. As the Patriots prepare for a high-stakes road test against the Baltimore Ravens, the spotlight stretches beyond the field. It now reaches into kitchens, phones, and social feeds where a different kind of buzz has been building around Foxborough.Winning changes everything. At 11-3, the Patriots are no longer chasing respect. They are defending it. Maye’s command has steadied a young roster, even as the AFC East race tightens with Buffalo lurking. Yet amid the pressure of prime time football, something lighter has captured fans’ attention. It comes with flour, frosting, and a warm presence that feels rare in a league driven by noise.

Drake Maye embraces Ann Michael’s rising spotlight

Maye’s numbers tell part of the story. He has thrown for 3,567 yards with 23 touchdowns and just seven interceptions, production that reflects poise rather than flash. Still, the week leading into Baltimore had another storyline. Ann Michael Maye stepped out before the game in a sharp dress paired with black knee-high boots, turning heads without trying to. It matched the effortless appeal she has shown all month online.

Ann Michael Maye turns heads in knee-high boots (Instagram)

Her daily TikTok baking series, known as Bakemas, has taken off during December. Patriots fans flooded the comments, sharing recipes, encouragement, and holiday cheer. Ann Michael even baked Patriots-themed cookies ahead of a big game, blending fandom with warmth in a way that felt genuine. That authenticity is what Maye believes sparked the surge.“I think it happened fast,” Maye said to Sunday Night Football on Fox. “During the Holiday season in the last couple of weeks, it’s taken off. But I think it’s just her being herself. She’s been awesome. She’s been a great addition up here for me. Getting married in the offseason, her coming up here to live in Boston. She’s from the South, (has) southern charm.“She’s just being herself on social media. (She’s) baking for me, and I’m trying to bring some extra baked goods in here, give some to the offensive line or something. But, she’s just being herself, and I love her for it. I tell her that all the time, ‘Don’t change for anything.’ I think she deserves all the support.”The couple married on June 22, 2025, after a relationship that began a decade earlier. With success comes visibility, and Maye welcomes it. He echoed the same pride when speaking with Devin McCourty.“She’s been awesome,” Maye told former Patriots player and current NBC analyst Devin McCourty before the clash with the Ravens. “She’s been a great addition up here for me. Getting married in the offseason, her coming up here to live in Boston. She’s from the South, [has] Southern charm.”As New England pushes toward January, Maye looks steady under the lights. Off the field, Ann Michael’s rise feels just as organic. In a season defined by belief, both have found their rhythm, and fans are enjoying every part of it.Also Read: Detroit Lions QB Jared Goff’s wife Christen reveals how motherhood inspired a complete makeover of both family homes

‘Dhurandhar’ completed its third weekend at the box office by hitting a new high. The Aditya Dhar directorial, starring Ranveer Singh in the lead, has crossed the massive Rs 550 crore milestone at the box office.Dhurandhar Movie Review

‘Dhurandhar’ box office collection Day 17

The film opened its third weekend with a record-breaking Friday collection of Rs 22.50 crores net, nearly 70% higher than the previous third-Friday record holder, ‘Chhaava’. On Saturday, ‘Dhurandhar’ witnessed a surge in its box office collections, registering an estimated 50% jump over Friday’s numbers. The film reportedly collected approximately Rs 34.25 crores net, marking the highest third Saturday collection ever for a Hindi film. According to early box office estimates on Sacnilk, the film saw higher growth on Sunday, collecting an estimated Rs 38.25 crore net across 5,481 shows. As per early reports, the film’s collections were in line with the trade predictions that estimated a collectiion between Rs 38 and Rs 40 crores net. With this, the film wrapped up its the third weekend with nearly Rs 95 crores net.

‘Dhurandhar’ total net collections

Meanwhile, the film topped Rs 550 crores net by the end of its third weekend and standing at an estimated Rs 555 crores net, making it the second-biggest Hindi net grosser of the year so far. The Ranveer Singh-fronted spy actioner is gearing up to claim the top spot and dethrone ‘Chhaava’s that had a total domestic collection of Rs 585 crores.

‘Dhurandhar’ week 3 gross collections

As per the gross total collections, Sacnilk reports that the film earned an impressive Rs 45.90 crore gross on Sunday, following collections of around Rs 27 crore gross on Friday and Rs 41.10 crore on Saturday. This pushed the film’s Week 3 gross total so far to an estimated Rs 114 crore. Meanwhile, the film’s gross total collection thus far, has hit an impressive Rs 666.75 crore.

‘Dhurandhar’ occupancy

Occupancy levels also indicated a boost in the film’s extraordinary run. ‘Dhurandhar’ recorded an overall occupancy of 62.73% on Sunday, with morning shows posting a strong 42.54%. The biggest surge was seen during the afternoon and evening shows, which recorded peak occupancies ranging between 76.92% and 79.54%.

‘Dhurandhar’ International box office

On the international front, ‘Dhurandhar’ hit an overseas collection of Rs 170 crore. Of the said total collections the film earned an estimated Rs 76 crore from just its North American box office collections

‘Dhurandhar’ vs ‘Avatar: Fire and Ash’

‘Dhurandhar’ has comfortably outperformed Hollywood biggie ‘Avatar: Fire and Ash’ during its third weekend. While ‘Dhurandhar’ earned approximately Rs 93 crores net over the weekend, ‘Avatar: Fire and Ash’, despite a wide multi-language release in India, managed an estimated Rs 66.65 crores net. This was a nearly a 50% drop compared to the opening weekend performance of its predecessor, ‘Avatar: The Way of Water’, which had posted a pan-India opening weekend net of Rs 126.20 crore. The James Cameron-directed film’s gross total currently stands at an estimated Rs 79.2 crore, as ‘Dhurandhar’ continues to dominate ticket windows with little sign of slowing down.

‘Dhurandhar’ to become highest third week grosser

‘Dhurandhar’ is now inches away from recording the highest third-week collections of all time. Its third-weekend net collection is higher than the entire third-week net collection of all other Hindi films. It is second to only ‘Pushpa 2: The Rule’, which earned Rs 103 crores. Given the film’s sustained momentum, trade analysts believe ‘Dhurandhar’ could surpass ‘Pushpa 2: The Rule’s full third-week total as early as Monday.

MUMBAI: The win-loss ratio in the SME IPO space has been nearly equally distributed in 2025. Of the 254 small and medium enterprises that tapped the primary market and have been listed till Dec 19, this year, 120 stocks were still in the green, while 132 stocks were in the red. And two were at the IPO price level.Among gainers, the biggest one was up five times over its IPO price while among the losers, the worst performer had lost 82% of its value, data from BSE, NSE and Chittorgarh, a primary market analytics site, showed. Of the total 254 SME listings in 2025, BSE had the major share with 144 listings while the rest were on the NSE. Among the SME stocks that were listed on the BSE, returns on 63 stocks were positive while 81 destroyed value, giving a gain-loss percent of 44% and 56%.

Of the 110 listings on the NSE, as many as 57 created wealth for investors while the balance 53 destroyed wealth. This gave NSE a gain-loss percentage of 52% to 48%, a winning ratio that was higher than BSE’s.Among all the SMEs that were listed on the bourses during the year, Tankup Engineers was the biggest wealth creator with a more than five-fold jump in its stock price since its April 2025 IPO at Rs 140 (see graphic). This NSE-listed company’s shares were listed at Rs 184, and on Dec 19 it closed at Rs 722, a gain of 416%.According to its offer document, this five-year old company is engaged in manufacturing vehicle superstructure for complex mobility and storage solutions. Its products include self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment. Among the other top wealth creators of the year in the SME space were Anondita Medicare (stock up 406% since its Sept 1, 2025 listing on NSE), Fabtech Tech (up 296%, BSE), Cryogenic OGS (up 270%, BSE) and Sacheerome (up 265%, NSE), data from Chittorgarh showed.On the other side of the wealth creation spectrum were stocks that destroyed wealth during the year. Topping the list was Velencia India, which listed on BSE’s SME platform in July this year. Compared to its IPO price of Rs 110, on Dec 19 the stock closed at Rs 20, a slide of 82%. The company has presence in real estate, and export-import of food and non-food items globally, it said in the offer document.Other top value destroyers were Studio LSD (down 75%, NSE), Aten Papers (down 72%, BSE), Swasth Foodtech (down 72%, BSE), and Siddhi Cotspin (down 72%, NSE), data from Chittorgarh showed.

MUMBAI: The amendment to insurance laws is expected to trigger a fresh round of consolidation and deal-making in the sector, alongside new capital inflows following govt’s decision to permit 100% foreign direct investment.Apart from opening the door to higher foreign ownership, the new bill seeks to widen consolidation options by allowing insurance companies to amalgamate with non-insurance companies through a scheme approved by regulator Irdai. This change could create new listing routes for insurers and expand acquisition opportunities beyond insurer-to-insurer mergers.According to Shivangi Sharma Talwar, partner at JSA Advocates and Solicitors, the amendments could materially alter the legal framework governing mergers in the sector. “With the amendments proposed under the new insurance bill, it may become legally permissible for an insurer to amalgamate with a non-insurance entity, provided the scheme results in an insurance company as the surviving or resultant entity,” she said.

She added that the impact will depend on regulations yet to be notified, particularly on the scope of non-insurance activities insurers may be allowed to undertake. Subject to regulatory clarity, unlisted insurers could use this route as a pathway to listing, while insurers may also be able to acquire service providers and insurtech companies, broadening the scope for consolidation in the sector. The framework could also allow insurance companies to acquire other businesses, including service providers and insurtech companies, expanding consolidation beyond traditional insurance-to-insurance mergers.The proposed change flows from clause 33 of the bill, states that no insurance or non-insurance business can be transferred or amalgamated with the insurance business of another insurer except under a scheme approved by the authority, and only if the transferee continues to comply with the Act and related regulations at all times. Present rules, which do not allow merger of a non insurer with an insurer, had scuttled a two-step merger proposal between HDFC Life, holding company Max Finance and Max Life aimed at listing through merger process in 2016. This route will now be open for insurers. In practical terms, this allows a non-insurance company to merge its business with an existing insurer, provided the resultant entity remains an insurance company and the transaction is cleared by Irdai. Industry experts expect the changes to support growth and deepen the market. Shruti Ladwa, partner and insurance leader at EY India, said the amendments would “catalyse the next phase of growth by attracting global capital and advanced underwriting expertise, strengthening domestic reinsurance capacity, and insurance penetration.”

CII president Rajiv Memani, who is chairman and CEO EY India, describes 2025 a year of reforms and calls for the momentum to continue. In an interview with TOI he flags power, mining, ease of doing business and judicial reforms as focus areas. Excerpts:There have been a series of reforms this year, starting with the Budget to change in GST, labour codes and insurance laws and a rush of trade agreements. Do you see govt in overdrive?Relative to what’s happening in the world, India ending half year with 8% GDP growth is remarkable. The other parameters are also looking good, including fiscal deficit, corporate and bank balance sheets. There have been reforms and several steps on ease of doing business. This year will be remembered for the reforms and the trade deals and hopefully that momentum will continue.What is the wish list for the coming months?The CII membership has looked at it sector-by-sector and they can be broken into ease of doing business and factor reforms. On factor reforms, there is energy and mining. While energy costs have come down, corporates still have to pay at least Rs 1.50 more per unit due to cross subsidisation. Also, you have to pay for access charges. State distribution companies are incurring losses. There is a need for aggressive privatisation of discoms. Similarly, opening up of the mining sector, particularly those mines that are locked up, will help reduce manufacturing cost significantly. In logistics, we need large investments in high speed rails. We analysed India’s imports. Of the roughly $725 billion imports this year, $250-300 billion will include energy, fertiliser, rare earth. They were difficult to substitute, but you still have $300-400 billion of imports that we can look at manufacturing in India. We looked at ease of doing business. Digitisation of land records is taking place, can we look at tokenisation? Judicial reforms is a big area of focus given that cases are piling up. Unless we find a way of dealing with it, it will choke growth.

How are US tariffs hurting business and what is your recommendation to govt?Our goods exports are still up but the composition has changed. The trade diversification piece is working well, especially in food products, shrimps. There are some sectors that are impacted and some are labour intensive. A lot of new contracts are signed around this time and a lot of businesses will try to sustain because winning a new contract & building new relationship again is not that easy.How is industry preparing for the new labour codes?Companies are preparing, a lot of implementation has to happen at the state level. They are also requesting govt to train. First, due to digitisation, compliances can be done digitally and a portal for all states can be helpful. Second is that getting the inspectors and others also fully trained. Third, there shouldn’t be any inconsistency between what the states recommend and what is there in the codes. Fourth, there are some questions around whether this will be retrospectively done or prospectively done. What are your recommendations on the tax side in the budget?A lot of our tax recommendations are to deal with simplification, whether you look at mergers, demergers, acquisitions, which are pain points. Second is dispute resolution with 85% cases stuck at the level of Commissioner of Income Tax (Appeals). On customs, there is talk of reducing the number of slabs.Disinvestment is one area where there’s been some slowdown. How can that be activated? Over the next two years, we should be looking at over Rs 2 lakh crore of disinvestments or privatisation. You can build some cash reserves which you can use for much greater productive use from an economic standpoint, such as infrastructure creation… There is a lot of uncertainty vis a vis China and other countries. When you’re looking at manufacturing and acquiring strategic resources, rare earths, funding some of the newer areas like aerospace, defence, medical devices, look at MSMEs... What we have today is not working efficiently. So, whether we consolidate all that into one ministry or we consolidate that at a central level somewhere so that it works at a rapid pace… We can also on-board some fund management experts and see how we can create maybe a fund of funds.

India’s stock market has become one of the calmest in the world – so calm that it’s prompting a rethink of strategies among players in the country’s vast derivatives space.Despite geopolitical flare ups and a recent global selloff in risk assets, Nifty has barely budged for months as domestic money overwhelms foreign flows and derivatives trading curbs choke off volatility. The India NSE Volatility Index, a gauge tracking expectations for future swings, ended Friday at an all-time low.

For the traders powering the world’s largest options market by volume, that’s making it harder to profit from the well-known strategies. Volatility is the engine of derivatives trading: when markets swing, investors pay up to hedge, and the cost of contracts rise. When stocks are calm, premiums shrink, eroding returns for option sellers and leaving traditional strategies less profitable.“The market has become more efficient and competitive – that’s meant lower returns for standard vol-selling strategies,” said Nitesh Gupta, partner and derivatives trader at Karna Stock Broking. “In this environment, trading desks will have to increase risk to make better returns.”A turning point came last year, when Sebi launched a sweeping crackdown aimed at curbing speculative retail activity and addressing losses among individual traders. The markets regulator scrapped several popular weekly options, cutting out the very products that had amplified intraday swings and drying out volume.The impact is clear: While activity has bounced off from a low in Feb, notional turnover has averaged almost Rs 240 lakh crore ($2.7 trillion) a day this year, down 35% from 2024. It’s the first annual decline since data going back to 2017.That drop in derivatives activity has fed back into the underlying market: Nifty has moved less than 1.5% for 151 consecutive sessions, a run that’s nearing a record set in 2023, and its three-month realised volatility has slipped toward 8 points – lower than in any major global market. (This is a Bloomberg story)