Indonesian city hit by tsunami after powerful earthquake
Jakarta, Sept 28: Powerful earthquakes jolted the Indonesian island of Sulawesi on Friday and triggered a tsunami that an official said swept away houses in at least two cities.
Indonesia had declared a tsunami warning after the strongest quake, which registered magnitude 7.5, but lifted it about half an hour later. It was followed by numerous strong aftershocks including one of magnitude 6.7.
Disaster agency spokesman Sutopo Purwo Nugroho said in a live TV interview that the tsunami hit Palu, which is the capital of central Sulawesi province, and a smaller city, Donggala.
He said houses were swept away and families were reported missing. Communications to the area are disrupted.
“The cut to telecommunications and darkness are hampering efforts to obtain information,” he said. “All national potential will be deployed, and tomorrow morning we will deploy Hercules and helicopters to provide assistance in tsunami-affected areas.”
Indonesian TV showed a smartphone video of a powerful wave hitting Palu with people screaming and running in fear.
Palu’s airport halted operations for 24 hours due to earthquake damage, according to AirNav, which oversees airline traffic in Indonesia.
Central Sulawsi was hit earlier Friday by a magnitude 6.1 earthquake that based on preliminary information killed one person, injured 10 and damaged dozens of houses.
“All the things in my house were swaying and the quake left a small crack on my wall,” Donggala resident Mohammad Fikri said by telephone.
Indonesia is prone to earthquakes because of its location on the “Ring of Fire,” an arc of volcanoes and fault lines in the Pacific Basin.
In December 2004, a massive magnitude 9.1 earthquake off Sumatra in western Indonesia triggered a tsunami that killed 230,000 people in a dozen countries.
Courtesy: www.hindustantimes.com
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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.
