Gold prices surged Rs 2,200 to hit a fresh peak of Rs 116,200 per 10 grams in the national capital on Monday buoyed by strong global cues as investors awaited key commentary from US Fed officials for policy direction. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,14,000 per 10 grams on Friday.
Christine Lagarde recently gave a speech in which she outlined steps needed to avoid future global crisis.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
President George W Bush admitted on Friday that the United States is going through "tough times" amid fears that the economy has slid into recession, but assured Americans that the underlying strength of the economy would lead to a rebound. The country is "obviously going through tough times," he said but expressed confidence that the action taken by the government would put the economy back on track.
The U.S. economy is also interdependent and in many ways dependent. Especially on oil. In a week where the Nymex price for a barrel of crude reached $111 this really should be apparent. Yet this does not seem to have deterred the recklessness driving the U.S. fiscal outlook.
"I do not think there is any self-imposed deadline for action, but I think we are looking at weeks, not months," White House Chief of Staff Mark Meadows told reporters aboard Air Force One, flying with President Donald Trump form Atlanta.
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
A weak dollar in overseas market in view of the Federal Reserve's cautious stance on interest rate strengthened the rupee value.
Trump had been a leader of the 'birther' movement that questioned Hawaii-born Obama's citizenship.
Others on the list include Warren Buffett and Astrid Menks.
The US dollar has risen about 15 per cent since mid-2015.
Rajan said that central banks should not ignore global responsibilities.
Rajan's remarks come as the Modi-led government completes one year.
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