Gold falls Rs 70 on global cues, weak demand
New Delhi, Oct 13 : Gold prices drifted lower by Rs 70 to Rs 32,050 per 10 grams at the bullion market Saturday, snapping a three-day rising streak on the back of weak global cues and easing demand from local jewellers.
Silver also dropped by Rs 100 to Rs 39,400 per kg on reduced offtake by industrial units and coin makers.
Gold eased in the global markets as the US dollar climbed and global stocks rebounded from a six-day rout, eroding demand for the precious metals as a safe haven.
Easing demand from jewellers as well as retailers too weighed on gold prices in the domestic market, traders said. Gold prices fell 0.50 per cent to USD 1,218.50 an ounce in New York on Friday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 32,050 and Rs 31,900 per 10 grams, respectively. The precious metal had gained Rs 470 in the previous three sessions.
Sovereign gold, however, remained unaltered at Rs 24,600 per piece of eight grams in limited deals.
Tracking gold, silver ready slipped by Rs 100 to Rs 39,400 per kg, while weekly-based delivery edged higher by Rs 10 to Rs 38,915 per kg.
Silver coins, however, were unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
