MUMBAI: Samsung Electronics plans to double the production capacity for mobile phones and fridges at its main factory in India, expanding in a country where US rival Apple has started assembling phones.
The South Korean company said in a statement that it would spend 49 billion rupees ($764 million) over three years to expand the factory on an additional 35 acres at the site on the outskirts of New Delhi. It also makes televisions at the plant.
India is the world’s second biggest smartphone market and its fast becoming a battleground for handset makers vying for a bigger share as sales in Asian powerhouse China start to lag.
“Samsung would want to reduce their dependence on manufacturing in Vietnam and shift more operations to India,” said Tarun Pathak, associate director at technology research firm Counterpoint.
“India looks like a promising manufacturing hub in the coming years and Samsung could make it their base for exports.”
Samsung’s expansion also comes at a time Indian Prime Minister Narendra Modi’s government is pushing to increase technology manufacturing through its flagship “Make in India” initiative launched in 2014.
Apple began assembling its iPhone SE model last month in the southern Indian technology hub of Bengaluru and a government official has said it could increase the local share of production over time.
Samsung to double mobile phone capacity at Indian factory
Samsung to double mobile phone capacity at Indian factory
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
