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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K'taka Cong to protest against replacing MGNREGA, 'hate politics' in National Herald case
Belagavi (Karnataka) (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Tuesday said that the ruling Congress in the state will hold protests against the central government's move to replace the existing rural employment law MGNREGA, and the alleged "hate politics" against the party leadership in the National Herald case on December 17.
The state Congress president said that the protest led by him and CM Siddaramaiah will be held in front of Gandhi state at Suvarna Vidhana Soudha here on Wednesday, and similar protests will also be held at all district and taluka centres of the state.
The party also plans to raise the issues in the state legislature here.
"The agitation has become necessary. Tomorrow at 9.30 am, the chief minister, myself, all ministers, MLAs and MLCs will stage a protest in front of the Gandhi statue. Everyone will participate," Shivakumar said.
Speaking to reporters here, he said the protests will also be held in all district and taluk centres including Bengaluru, and there is also a plan for a programme on Saturday, details of which will be shared later.
"In Assembly too there is a need to discuss this and for it to go into records, we are making preparations for it....the protest is against removing Mahatma Gandhi's name from MGNREGA, and against the hate politics towards Sonia Gandhi, Rahul Gandhi and Congress leaders," he added.
The Congress' move, came as 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.
Also, a court in Delhi on Tuesday refused to take cognisance of the Enforcement Directorate's money laundering charge against Congress leaders Rahul Gandhi, Sonia Gandhi, and five others in the National Herald case.
Alleging that Congress leaders, including Sonia Gandhi and Rahul Gandhi were "harassed" in connection with the National Herald case, Shivakumar said several people, including him, had given funds to help the party related organisation, and they too were being troubled.
"My brother D K Suresh (former MP) and I were supposed to appear before the Delhi police in connection with the National Herald case. We had written a letter to them seeking a FIR copy. Chargesheet was filed by ED in the case without an FIR," he claimed.
Pointing to the Delhi Court's decision, the Deputy CM said, "This is proof that the legal system in the country is still alive. This also proves that the power is being misused (by those in the central government) to harass political opponents."
Highlighting that former Prime Minister Jawaharlal Nehru started the National Herald in 1937, and that it is Congress' property, Shivakumar, questioning the validity of the ED case, said, "As Congress presidents (in past) Sonia Gandhi and Rahul Gandhi had their shares, it was not their own. Similarly, if we as Congress workers don't donate to the party organisation, who else will?"
Shivakumar also said that the move to rename MNREGA is with an intention to "insult" Gandhi and to weaken the scheme by reducing its funding.
