Gold falls Rs 70 on global cues, weak demand
New Delhi, Oct 13 : Gold prices drifted lower by Rs 70 to Rs 32,050 per 10 grams at the bullion market Saturday, snapping a three-day rising streak on the back of weak global cues and easing demand from local jewellers.
Silver also dropped by Rs 100 to Rs 39,400 per kg on reduced offtake by industrial units and coin makers.
Gold eased in the global markets as the US dollar climbed and global stocks rebounded from a six-day rout, eroding demand for the precious metals as a safe haven.
Easing demand from jewellers as well as retailers too weighed on gold prices in the domestic market, traders said. Gold prices fell 0.50 per cent to USD 1,218.50 an ounce in New York on Friday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 32,050 and Rs 31,900 per 10 grams, respectively. The precious metal had gained Rs 470 in the previous three sessions.
Sovereign gold, however, remained unaltered at Rs 24,600 per piece of eight grams in limited deals.
Tracking gold, silver ready slipped by Rs 100 to Rs 39,400 per kg, while weekly-based delivery edged higher by Rs 10 to Rs 38,915 per kg.
Silver coins, however, were unaltered at Rs 75,000 for buying and Rs 76,000 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.
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.
