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.
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Efforts on to identify, rehabilitate Kogilu dwellers under housing scheme: Minister
Bengaluru (PTI): Karnataka Minister Krishna Byre Gowda on Wednesday said a detailed exercise is underway to identify and rehabilitate eligible beneficiaries under the 'One Lakh Multi-storey Bengaluru Housing Scheme', even as scrutiny of applications from 'Kogilu Bande' has revealed large-scale ineligibility due to non-compliance of guidelines.
The authorities evicted the dwellers in Kogilu Cross living in slums during winter, saying that they occupied the government land, meant for Bengaluru's solid waste management, illegally.
The action drew flak, especially from the Kerala Chief Minister Pinarayi Vijayan, prompting the Karnataka government to announce alternative arrangements.
On Wednesday, the minister said the initiative is part of efforts to provide housing to the urban poor through a structured and transparent process overseen by the City Shelter Committee.
"A total of 1,187 one-bedroom flats are being constructed, 594 flats under the public quota and 593 flats under the local quota," he said, outlining the scale of the housing project coming up at Byappanahalli village in Byatarayanapura Assembly constituency, which the revenue minister represents in the Assembly.
A total of 189 beneficiaries have already been selected in a City Shelter Committee meeting, he said, indicating that allotment is being carried out in phases based on eligibility criteria.
Substantiating the scale of the exercise, the minister said, "Following the clearance of unauthorised houses in Kogilu Bande, a survey was conducted, and a list of 165 homeless individuals has been submitted."
He said the survey, carried out jointly by the Revenue Department and the Greater Bengaluru Authority, was aimed at ensuring that displaced and genuinely homeless families are considered for rehabilitation under the housing scheme.
Of the 165 identified individuals, only 61 families were found eligible as per the scheme guidelines.
The minister noted that a significant number of applications were rejected or kept pending due to various reasons.
He further pointed out discrepancies such as duplicate applications, ownership of houses within the Bengaluru Metropolitan Area, and incomplete documentation.
In several cases, applicants were found to be outside the jurisdiction or lacked valid address proof.
The minister said some applicants were also from outside the state, making them ineligible under the scheme norms.
He assured that pending cases would be reviewed once applicants submit the required documents.
"The pending cases will be reviewed in the next Ashraya Committee meeting upon resubmission of the required documents," he said.
Emphasising the need for strict adherence to guidelines, Gowda said the government is committed to ensuring that only genuine beneficiaries receive housing under the scheme, while preventing misuse of public resources.
