Gold breaches Rs 1.21 lakh/10g on US govt shutdown, Fed rate cut bets
New Delhi (PTI): Gold prices rallied by Rs 1,100 to breach the Rs 1.21 lakh per 10 grams mark in the national capital on Wednesday, tracking firm global cues amid the US government shutdown after Congress failed to approve fresh federal funding.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity jumped Rs 1,100 to hit a fresh peak of Rs 1,21,100 per 10 grams (inclusive of all taxes). It had closed at Rs 1,20,000 per 10 grams on Tuesday.
In the local bullion market, gold of 99.5 per cent purity appreciated by Rs 1,100 to hit a lifetime high of Rs 1,20,500 per 10 grams (inclusive of all taxes) on Wednesday. The yellow metal had settled at Rs 1,19,400 per 10 grams in the previous session.
However, silver prices remained flat at Rs 1,50,500 per kilogram (inclusive of all taxes), also at its record levels, as per the association.
Traders said a weakening labour market has reinforced expectations of imminent interest rate cuts by the Federal Reserve, further lending support to the bullion prices.
In the overseas markets, spot gold rose more than 1 per cent to hit a record high of USD 3,895.33 per ounce, while spot silver increased by nearly 2 per cent to hit a high of USD 47.56 per ounce.
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People are voting fearlessly in West Bengal this time: PM Modi
Hardoi (UP) (PTI): Prime Minister Narendra Modi on Wednesday said voters
are casting their vote in West Bengal this time in a "fearless atmosphere", which was unimaginable in the past six or seven decades.
He also asserted that the assembly poll results on May 4 will further strengthen the resolve of a developed India.
Voting is underway in 142 constituencies of West Bengal in the second and final phase of polling.
Addressing a gathering after the inauguration of the Ganga Expressway here, Modi said today marks an important day in the festival of democracy.
"Voting for the second phase is underway in Bengal, and reports indicate a massive turnout, with people stepping out in large numbers just like in the first phase. Images of long queues at polling stations are flooding social media, reflecting the enthusiasm of the people to exercise their democratic right," he said.
"What we are witnessing in Bengal today is unprecedented which was difficult to imagine in the past six to seven decades, a fearless environment where people are voting without fear," he said.
The prime minister said this is a powerful symbol of the country's Constitution and the strengthening of democracy.
"I express my gratitude to the great people of Bengal for being so aware of their rights and participating in large numbers," he said.
With several hours of voting still left, the prime minister urged the people of Bengal to continue participating in this democratic festival with the same enthusiasm.
Modi said in the recent Bihar Assembly elections, the BJP and NDA achieved a historic and decisive victory.
"Just yesterday, results of local body elections in Gujarat showed that the BJP secured victories in nearly 80 to 85 percent of municipalities and panchayats.
"The results on May 4 will further strengthen the resolve of a developed India and will infuse new energy into the pace of development of the country."
The first phase of polling for 152 seats -- out of the 294-member West Bengal assembly -- was held on April 23.
The counting of votes for assembly polls in Kerala, West Bengal, Puducherry, Assam and Tamil Nadu will take place on May 4.
