384 Killed In Indonesia Quake, Tsunami
Jakarta, Sep 29 : Over 380 people were confirmed dead on Saturday after earthquakes, including a powerful 7.5 magnitude tremor, and tsunami struck the Indonesian island of Sulawesi. Rescue workers were struggling to reach certain affected areas amid fears that the toll can still rise.
Three hundred-eighty four people died in the city of Palu, where preparations for a beach festival had been underway when the tsunami hit on Friday, following the strong earthquake. National Agency for Disaster Management (BNPB) spokesperson Sutopo Purwo Nugroho said that 540 people were injured and 29 were still missing.
Video on social media showed people screaming and fleeing in panic for safety. Thousands of homes collapsed, along with hospitals, hotels and shopping centres. Strong aftershocks continued to rock Palu on Saturday.
Sutopo said houses were swept away and families were reported missing. "We have found corpses from the earthquake as well as bodies swept up by the tsunami."
He said the government was set to declare a state of emergency and stressed that the most important task was to restore power and communications to the region.
There were other vulnerable coastal areas where communications were down. Officials had been unable to make contact with Donggala, a fishing community near Palu that was also reported to have been hit by the tsunami, the BBC reported.
The BNPB spokesperson said telecommunications and air-transport experts arrived at the airport in Palu, the city most affected by the earthquake along with Donggala, and work to repair some of the damaged electrical equipment had started.
The airports in Poso, Tolitoli, Luwuk and Mamuju were open.
Komang Adi Sujendra, the Director of Undata Hospital in Palu, said in a video message posted online said that the area had no electricity, that phone and Internet service had been disrupted and that road access was limited. He sought help from the public.
Authorities estimated the tsunami's waves to be about 10 feet high, but a video reported to have been taken in Palu showed a wave that seemed even higher crashing over the roofs of one-storey buildings. TV footage showed dozens of injured people being treated outside in makeshift medical tents.
Palu and Donggala are home to more than 600,000 people. The country's military had started sending cargo planes of relief aid from the capital.
The earthquake hit just off central Sulawesi at a depth of 10 km on Friday, the US Geological Survey said. A tsunami warning was issued, but lifted within the hour.
A magnitude-6.1 quake earlier on Friday in the same region killed at least one person and led to the collapse of a number of buildings.
The disaster followed on from the earthquakes and aftershocks on Lombok island where 557 people died and nearly 400,000 were displaced between July 29 and August 19.
Indonesia sits on the Pacific Ring of Fire, an area of great seismic and volcanic activity, where some 7,000 earthquakes, mostly moderate, are recorded each year.
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Gold declines Rs 1,100 to Rs 1.64 lakh/10g; silver slips to Rs 2.71 lakh/kg
New Delhi (PTI): Gold prices declined Rs 1,100 to Rs 1.64 lakh per 10 grams in the national capital on Friday as traders booked profits at elevated levels for the second straight session, while silver also slipped to Rs 2.71 lakh per kilogram.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity depreciated Rs 1,100, or nearly 1 per cent, to Rs 1,64,100 per 10 grams (inclusive of all taxes).
Silver also fell Rs 600 to Rs 2,71,700 per kg (inclusive of all taxes) in the bullion market.
Analysts said traders locked in gains after the recent sharp rally in precious metal prices, even as global trends remained mixed.
"After opening with a gap up earlier in the week, both gold and silver gradually declined this week as a stronger US dollar and rising Treasury yields, along with reduced expectations for interest rate cuts by Federal Reserve, outweighed safe-haven demand stemming from the escalating Middle East conflict," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He added that investors continued to exit gold-backed exchange traded funds (ETFs) this week, indicating softer investment demand.
"ETFs reduced their gold holdings by 93,479 troy ounces in the latest session, marking the fourth consecutive day of outflows -- the longest losing streak since February 6," Gandhi said.
However, in the international markets, bullion prices were trading higher on renewed safe-haven demand, with spot gold gaining USD 14.70, or 0.29 per cent, to USD 5,095.81 per ounce, while silver increasing 1.4 per cent to USD 83.40 per ounce.
Traders said escalating tensions in the Middle East continued to support precious metals, though profit-booking limited gains in the domestic markets.
"Gold and silver prices experienced notable fluctuations on Friday, driven primarily by ongoing geopolitical tensions in the Middle East and robust safe-haven buying," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
These precious metals are gaining traction as investors seek refuge amid market volatility and rising crude oil prices, which surged to over USD 80 per barrel following the closure of Strait of Hormuz, a key global shipping route, raising concerns about supply disruptions.
"The US stock market reacted negatively, with major indices like the Dow Jones and S&P 500 witnessing significant declines, further fuelling interest in gold and silver," Garg added.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said investors are closely monitoring crucial macroeconomic indicators, including the unemployment rate and non-farm payrolls numbers scheduled to be released later in the day.
