Gold declines by Rs 1,200 to Rs 1.24 lakh/10g on weak global trends
New Delhi (PTI): Gold prices plunged by Rs 1,200 to Rs 1,24,100 per 10 grams in the national capital on Tuesday amid weak global cues after comments from several US Federal Reserve officials dampened expectations of another rate cut next month.
The precious metal of 99.5 per cent purity declined by Rs 1,200 to Rs 1,23,500 per 10 grams (inclusive of all taxes), extending its losses for the second straight session. It had settled at Rs 1,24,700 per 10 grams on Monday.
In the local bullion market, gold of 99.9 per cent purity had finished at Rs 1,25,300 per 10 grams in the previous market session.
"Gold fell on Tuesday, pressured by a strong US dollar and hawkish remarks from several Federal Reserve officials, who dismissed the possibility of another interest rate cut next month," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver also fell sharply by Rs 2,500 to Rs 1,51,500 per kilogram (inclusive of all taxes) on Tuesday from the previous close of Rs 1,54,000 per kg on Monday.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 99.99, to a three-month high, which also put downward pressure on precious metals.
In the overseas markets, spot gold slipped by USD 7.84, or 0.2 per cent to USD 3,993.65 an ounce while silver was trading nearly 1 per cent lower at USD 47.73 per ounce.
Meanwhile, Fed Governor Lisa Cook, along with Mary Daly and Austan Goolsbee, highlighted labour market concerns but refrained from committing to another cut in December.
"Market attention now shifts to upcoming ADP employment and ISM PMI data, while easing safe-haven demand and China's withdrawal of gold tax incentives may weigh on sentiment," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
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Businessman lured by FB friend, attacked for extortion in K'taka; 4 held
Madikeri (Karnataka) (PTI): Four people were arrested for allegedly assaulting, illegally confining and attempting to extort money from a 39-year-old businessman who was lured through a honeytrap set up on social media, police said on Monday.
The accused have been identified as Rachana, Malati, Darshan and Ravi.
Police said efforts are underway to nab the remaining suspects involved in the incident, which occurred on December 12 in Madikeri, the district headquarters of Kodagu.
According to the complaint, the victim, a resident of Maddur taluk in Mandya district, was befriended by a woman identified as Rachana through Facebook, who later sought financial assistance and received Rs 5,000 from him via PhonePe on November 28.
When he asked her to return the money, the woman allegedly asked him to travel to Mysuru or Kushalnagar, promising to meet him.
The police said the woman later called the victim to Madikeri on December 12 and took him to a house near the market area, where they spent some time and consumed alcohol in the evening.
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Later that night, citing an emergency, the woman left the house. After her departure, three men allegedly broke into the house and attacked the victim, assaulting him with a stick and the handle of a sword, causing injuries to his face, mouth, chest and leg, the FIR stated.
The complainant alleged that he was forcibly confined, stripped and a nude video of him was recorded. The accused also allegedly threatened him with a toy gun, demanding Rs 50 lakh and warning that the video would be uploaded on social media if the money was not paid.
Police said the victim was held captive and somehow managed to escape in the early hours of December 13. However, after he escaped, the accused allegedly attempted to kidnap him in an autorickshaw, an incident that was captured on CCTV cameras.
Based on his complaint at the Madikeri Town police station, a case was registered under Sections 310(2) (dacoity), 127(2) (wrongful confinement), 118(1) (voluntarily causing hurt or grievous hurt by dangerous weapons or means) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita, a senior police officer said.
“Four accused, including two women, have been arrested. Efforts are on to nab two more absconding accused. Further investigation is on,” he added.
