Gold climbs Rs 130 on festive demand
New Delhi, Oct 11: Gold advanced by Rs 130 to Rs 31,980 per 10 gram Thursday following uptick in festive season demand from jewellers and retailers at the domestic spot market despite a weak global trend.
However, silver met with resistance at prevailing levels and declined by Rs 200 to Rs 39,000 per kg.
Bullion traders said gold prices spurted due to surge in festive demand.
Besides, the rupee depreciating to a life-time low of 74.50 (intra-day) against the dollar, making imports costlier, too supported the uptrend in gold, they said.
Globally, gold fell 0.15 per cent to USD 1,193.60 an ounce in Singapore. Silver too eased 0.14 per cent to trade at USD 14.34 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 130 each to Rs 31,980 and Rs 31,830 per 10 gram, respectively. The metal had gained Rs 200 yesterday.
Sovereign however remained steady at Rs 24,600 per piece of eight gram.
On the other side, silver ready fell by Rs 200 to Rs 39,000 per kg and weekly-based delivery traded higher by Rs 180 to Rs 38,470 per kg on speculative buying.
Silver coins however remained unchanged at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
