Indonesia’s Sulawesi Island Rocked by 7.5 Magnitude Earthquake, Tsunami Warning Called Off
Jakarta: Indonesia was struck by a powerful 7.5 magnitude earthquake Friday, the US Geological Survey said, but there were no immediate reports of deaths or injuries.
The country's national disaster agency briefly issued a tsunami warning before cancelling it.
The strong quake hit central Sulawesi island at a shallow depth of some 10 kilometres (six miles), just hours after a smaller quake killed at least one person in the same part of the country.
The latest quake was a higher magnitude than those that killed hundreds on the island of Lombok earlier this year.
Friday's tremor was centred 78 kilometres north of the city of Palu, the capital of Central Sulawesi province, but was felt some 900 kilometres south in the island's largest city Makassar.
Lisa Soba Palloan, a resident of Toraja, around 175 kilometres south of Palu, said locals felt several quakes Friday.
"The last one was quite big," she said.
"Everyone was getting out their homes, shouting in fear."
Indonesia is one of the most disaster-prone nations on earth.
The archipelago nation lies on the Pacific "Ring of Fire", where tectonic plates collide and many of the world's volcanic eruptions and earthquakes occur.
A series of quakes that struck Lombok this summer killed about 500 people and forced hundreds of thousands into evacuation shelters or tents.
In 2004, a tsunami triggered by a magnitude 9.3 undersea earthquake off the coast of Sumatra in western Indonesia killed 220,000 people in countries around the Indian Ocean, including 168,000 Indonesians.
Courtesy: www.news18.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.
