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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HC says Bhojshala complex is Goddess Saraswati temple, scraps ASI order on namaz on premises
Indore (PTI): In a big win for the Hindu side, the Madhya Pradesh High Court on Friday declared that the disputed Bhojshala complex in Dhar district is a temple dedicated to Goddess Saraswati, and the Centre and ASI can decide on its administration and management.
The HC's Indore bench, which was hearing the case, also said the Muslim community, which called the 11th century monument Kamal Maula Mosque, may approach the state government for allotment of separate land in the district for construction of a mosque.
In its much-awaited verdict in the Bhojshala Temple-Kamal Maula Mosque complex dispute, the court observed that there were indications of a Sanskrit teaching centre and a temple of Goddess Saraswati existing in Bhojshala.
The religious character of the disputed complex of Bhojshala-Kamal Maula Mosque indicates it is a temple of Goddess Saraswati, noted the HC.
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"If the Maulana Kamaluddin Welfare Society applies for land allotment for building a mosque in Dhar district, the state government can consider it," maintained the division bench.
The HC scrapped the 2003 Archaeological Survey of India (ASI) order which allowed Muslims to offer Friday prayers on Bhojshala premises.
Nearly 1,200 police personnel were deployed in and around the complex ahead of the HC ruling.
Dhar Collector Rajeev Ranjan Meena warned of strict action against anyone spreading objectionable content on social media, as the administration erected barricades at the site where Friday prayers coincided with the court verdict.
The long-running dispute pertains to the religious nature of the ASI-protected monument in Dhar district.
The Hindu community considers Bhojshala to be a temple dedicated to Vagdevi (Goddess Saraswati), while the Muslim side calls the monument Kamal Maula Mosque. A petitioner from the Jain community claims the disputed complex is a medieval Jain temple and gurukul.
After the controversy over the Bhojshala complex erupted, the ASI issued an order on April 7, 2003, permitting Hindus to worship at the complex every Tuesday and Muslims to offer namaz there every Friday. The Hindu side challenged the order in the HC, seeking exclusive rights to worship at the complex.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi of the HC's Indore bench began regular hearings on five petitions and one writ appeal related to the case on April 6 this year.
After hearing all the parties against the backdrop of differing religious beliefs, historical claims, complex legal provisions, and thousands of documents related to the disputed monument, the bench had reserved its decision on May 12.
During the hearing, petitioners from the Hindu, Muslim, and Jain communities presented detailed arguments and sought exclusive worship rights for their communities at the monument.
The ASI, after conducting a scientific survey of the monument, indicated in its over 2,000-page report that a massive structure dating back to the reign of the Parmar kings of Dhar predated the mosque, and that the current disputed structure was built using repurposed temple components.
The Hindu side claimed that coins, sculptures, and inscriptions found by the ASI during its scientific survey prove the complex was originally a temple.
However, the Muslim side argued in court that the ASI's survey report was "biased" and prepared to support the claims of the Hindu petitioners.
Refuting this, the ASI told the court the scientific survey process was carried out with the help of experts, including three from the Muslim community.
The HC had ordered the ASI to conduct a scientific survey of the Bhojshala Temple-Kamal Maula Mosque complex on March 11, 2024. The ASI began the survey on March 22 that year and, after a detailed 98-day survey, submitted its report to the High Court on July 15.
