International News
Amazon’s Prime Day sets a new milestone with an impressive $24.1 billion in sale
Amazon’s annual Prime Day has once again surpassed expectations, setting a new milestone with an impressive $24.1 billion in sales.
Running from July 8 to 11, this year’s event stretched over four days—double the duration of 2024’s two-day sale—likely fueling the surge in revenue. According to data released by Adobe, online sales in the US during this period rose by an extraordinary 30% year on year and more than doubled the online revenue achieved during last year’s Black Friday, which stood at $10.8 billion.
The extended sale did more than just boost general shopping—it had a pronounced effect on seasonal demand, particularly for back-to-school items. This category witnessed an astounding 175% increase, as families seized the opportunity to stock up ahead of the upcoming academic year.
A notable trend during this Prime Day was the shift in consumer preferences toward higher-priced products. Shoppers, enticed by strong discounts, opted to “trade up” across multiple categories. The share of the most expensive appliances sold grew by 36%, furniture by 28%, and apparel—including jewelry and accessories—by 11%. Across all categories tracked by Adobe, the proportion of premium goods purchased increased by 20%, highlighting consumers’ willingness to invest in higher-ticket items when incentivized by substantial savings.
International News
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Globally, A Softer US Dollar and Sliding Energy Prices Provided A Strong Tailwind For Precious Metals
Renewed expectations of a diplomatic resolution to Middle Eastern conflicts sent ripples through the commodities market on June 3. On the MCX, June gold futures rose 0.26% to Rs. 1,58,930 per 10 grams, while July silver futures saw a modest 0.07% bump to Rs. 2,63,150 per kg. Conversely, physical retail gold saw a marginal dip, with 24K gold landing at Rs. 1,56,110 per 10 grams in Mumbai and Kolkata, Rs. 1,56,260 in Delhi, and Rs. 1,57,970 in Chennai.
Globally, a softer US dollar and sliding energy prices provided a strong tailwind for precious metals on Thursday. Spot gold advanced 0.4% to $4,450.16 per ounce, while August futures settled at $4,477. In contrast, crude benchmarks trended downward as geopolitical risks premium eased; Brent crude fell 0.85% to $96.87 a barrel, and WTI dropped 0.95% to $95.11. Other precious metals also closed in positive territory, with spot silver, platinum, and palladium gaining 0.8%, 0.2%, and 0.5% respectively.
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