Gold at six-year highs on festive season demand
New Delhi, Nov 3: Gold strengthened for the sixth straight week and gathered further grounds to hit almost
six-year high of Rs 32,780 and ended at Rs 32,650 per 10 gram at the bullion market amid pick-up in buying activity ahead of Diwali.
Silver, however, lacked necessary buying support and shed some grounds.
Bullion traders said persistent buying by ornament makers, triggered by upcoming festive and wedding season lifted the gold prices to trade at almost six-year high of Rs 32,780 per 10 gram.
Globally, gold after moving both ways, ended the week a shade lower at USD 1,233.20 an ounce as against previous week's level of USD 1,233.80. Silver too ended almost flat at USD 14.82 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week steady at Rs 32,550 and Rs 32,400 per ten gram, respectively on scattered support.
Later, on pick-up in buying activity, driven by upcoming festivals, it surged to trade at near six-year high of Rs 32,780 and Rs 32,630 per ten gram and finally settled Rs 100 each higher at Rs 32,650 and Rs 32,500. This is the highest level since November 29, 2012 when the precious metal had closed at Rs 32,940.
In contrast, silver ready after shuttling both ways on alternate bouts of buying and selling, finally ended the week Rs 70 down at Rs 39,530 per kg but silver weekly-based delivered managed to close Rs 110 higher at Rs 38,820 per kg on speculative activity.
On the other hand, silver coins strengthened by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces on increased demand ahead of Diwali.
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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.
