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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Indian vessel 'Jag Laadki' carrying over 80,000 MT crude oil reaches Gujarat's Mundra Port
Ahmedabad, Mar 18 (PTI): Indian-flagged tanker 'Jag Laadki', carrying around 80,886 metric tonnes (MT) of crude oil, arrived at Mundra Port in Gujarat on Wednesday amid the West Asia conflict, officials said.
A day earlier, LPG carrier 'Nanda Devi' arrived at Vadinar port in Gujarat's Devbhumi Dwarka district, carrying 46,500 metric tonnes of liquefied petroleum gas (LPG) navigating through the Strait of Hormuz. On Monday, another vessel - 'Shivalik' - carrying LPG docked at Mundra Port.
Adani Ports, which operates Mundra Port, said in a statement that the crude oil carried by Jag Laadki was sourced from the United Arab Emirates (UAE) and loaded at Fujairah Port there.
"Measuring 274.19 metres in length overall and 50.04 metres in beam, the tanker boasts a deadweight tonnage of approximately 164,716 tonnes and a gross tonnage of about 84,735 tonnes," it said.
ALSO READ: Iran attacks Israel, Gulf countries after Israeli strike kills its security chief
The tanker's arrival at the Mundra Port underscores the facility's critical role in handling substantial crude imports, it said.
"This delivery supports major refinery relies on such shipments to maintain operations and bolster India's energy security during supply disruptions in the region," Adani Ports added.
The port provided the safe berthing of the vessel and maritime coordination in safeguarding vital energy lifelines of India, it said.
Fujairah Port in UAE faced drone and missile attacks during the ongoing Israel-US and Iran war.
India imports about 88 per cent of its crude oil, 50 per cent of natural gas and 60 per cent of LPG needs. Before the US-Israel strikes on Iran on February 28 and Tehran's retaliation, more than half of India's crude imports, about 30 per cent of gas and 85-90 per cent of LPG imports came from Middle East countries such as Saudi Arabia and the UAE.
The conflict has led to a blockade of the Strait of Hormuz, the main transit route for Gulf energy supplies. While India has partly offset crude supply disruptions by sourcing oil from countries including Russia, gas supplies have been curtailed to industrial users and LPG availability to commercial establishments such as hotels and restaurants has been reduced.
