Gold declines Rs 1,700 to Rs 1.35 lakh/10g; snaps 4-day record rally
New Delhi (PTI): Snapping the four-day record rally, gold prices declined by Rs 1,700 to Rs 1,35,900 per 10 grams in the national capital on Tuesday as investors booked profits amid weak global cues, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams on Monday. The metal rose by Rs 6,000 over the previous four days, trading at record highs.
"Gold prices witnessed profit booking and remained volatile, with the yellow metal slipping towards the USD 4,275 level in global markets and staying under pressure," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Echoing sentiments, Dilip Parmar, Research Analyst, HDFC Securities, said, "Domestic gold prices also softened, curtailing a four-day advance. These losses were, however, notably mitigated by the persistent weakness in the Indian Rupee which quoted at a record low level".
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In the local bullion markets, silver prices also depreciated by Rs 1,000 to Rs 1,98,500 per kilogram (inclusive of all taxes). The white metal had ended flat at Rs 1,99,500 per kg, also its all-time high level, as per the association.
Parmar added that physical jewellery demand is expected to be subdued commensurate with the onset of the inauspicious period, investment demand is forecast to remain robust, a tendency driven by prevailing risk-averse market sentiments.
In the international markets, spot gold snapped a five-day winning streak, declining by USD 27.80, or 0.65 per cent, to USD 4,277.42 per ounce.
"Gold prices experienced a modest decline, easing following five consecutive sessions of appreciation, as market participants strategically positioned themselves ahead of a critical suite of US economic data releases this week," Dilip Parmar said.
These incoming reports are poised to offer significant clarity regarding the Federal Reserve's predilection for implementing further interest-rate cuts, a key macroeconomic catalyst for the non-yielding asset, he added.
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Spot silver also dropped by USD 1.07, or 1.67 per cent, to USD 63.02 per ounce in the overseas markets.
Bullion prices are trading lower as caution prevails ahead of US nonfarm payroll (NFP) data to be released later in the day, which will show NFP figures of both October and November, Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
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Modi govt by changing name of MGNREGA exposed its 'hatred' towards Gandhi: Siddaramaiah
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Tuesday said that the union government led by Prime Minister Narendra Modi, attempting to change the name and structure of the MGNREGA, has itself exposed its "hatred" towards the poor and towards Mahatma Gandhi.
He also accused the Centre of "altering" the very structure of the scheme, by shifting nearly 40 per cent of the cost onto the state governments, and called Modi "anti federal".
Suggesting that the NDA government at the Centre start a "Ministry of Name Change", with the Prime Minister himself holding that portfolio, the CM warned of a statewide agitation against this name change move.
The Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Bill, 2025, that seeks to replace the existing rural employment law MGNREGA, was introduced in the Lok Sabha on Tuesday amid strong objections by the opposition to the "removal" of Mahatma Gandhi's name from it.
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"The Union government led by Prime Minister Narendra Modi, which is attempting to change the name and structure of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), has itself exposed its hatred towards the poor and towards Mahatma Gandhi," Siddaramaiah said in a statement.
Implemented by the UPA government 20 years ago, the MGNREGA scheme has played a crucial role in eradicating unemployment and poverty in rural areas, he said, adding that "this scheme, which guarantees the right to employment to every individual, has received praise from economists both in India and abroad."
Noting that MGNREGA was a genuine form of employment guarantee, the CM said the proposed new structure under the Modi government strips away that guarantee and places the assurance of work at the whims of political leaders.
"This will further deepen caste discrimination and social inequality," he claimed.
Highlighting that the NDA government has altered the very structure of MGNREGA, a scheme whose entire expenditure was earlier borne by the Central government, by shifting nearly 40 per cent of the cost onto the state governments, Siddaramaiah said this stands as clear evidence of the "anti-federal attitude" that Prime Minister Modi has followed ever since coming to power.
"This move will also increase the migration of poor people in search of work as the proposed form does not guarantee employment in their own location -- forcing families to travel long distances to survive," he said.
Naming this scheme after Mahatma Gandhi, who sowed the dream of Gram Swaraj, was a meaningful decision, the CM said, "While Prime Minister Narendra Modi indulges in praising Gandhi during his foreign tours, within the country he has consistently engaged in attempts to erase Gandhi's legacy from key national programmes. From a parivar that seeks to glorify Gandhi's assassin Godse, what different conduct can one really expect?"
"Narendra Modi is widely known for simply changing the names of landmark schemes launched by the UPA government rather than preserving or strengthening them. It would be more appropriate for this government to start a 'Ministry of Name Change,' with the Prime Minister himself holding that portfolio," he said.
More than 25 flagship programmes launched during earlier governments were merely renamed or repackaged by the present regime, the CM further said, listing out that the Nirmal Bharat Abhiyan was rechristened as the Swachh Bharat Mission, while the Basic Savings Bank Deposit Account scheme was rebranded as the Pradhan Mantri Jan Dhan Yojana, among others.
"These changes reflect a consistent pattern of altering names rather than fundamentally strengthening or expanding the original intent of these welfare initiatives," he added.
Stating that the Congress party and state government strongly condemn this "anti-people" decision of the Narendra Modi government, which has snatched food from the plates of the poor, insulted Bapu, and attempted to strangle state governments financially, Siddaramaiah warned about launching a statewide agitation against this move.
"The responsibility of preserving the MGNREGA scheme in its original form must also be taken up by the lakhs of beneficiaries of the scheme. They must hold the BJP leaders of the state accountable and exert pressure on them to raise their voices against this injustice, rising above party lines," he said.
