Gold jumps Rs 3,200 to hit record Rs 1,34,800/10 g on festive buying ahead of Dhanteras
New Delhi (PTI): Gold prices surged by Rs 3,200 to touch a new lifetime high of Rs 1,34,800 per 10 grams in the national capital on Friday, buoyed by strong festive buying by jewellers and retailers ahead of Dhanteras, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had ended at Rs 1,31,600 per 10 grams in the previous session.
In tandem, gold of 99.5 per cent purity also jumped by Rs 3,200 to scale an all-time high of Rs 1,34,200 per 10 grams (inclusive of all taxes), up from Thursday's close of Rs 1,31,000 per 10 grams.
Traders said buying activity picked up sharply as stockists built fresh positions on expectations of higher sales during the festive season. Dhanteras, considered an auspicious day in Hindu tradition for buying precious metals, will be celebrated on Saturday, followed by Diwali on Monday.
In addition to seasonal demand, safe-haven buying by investors and central banks has lent further support to prices.
"Gold extended its winning streak with strong gains as the ongoing US government shutdown and a dollar index below 99 continued to support safe-haven flows into bullion.
"The sustained uncertainty in the US economy and delayed data releases have kept investors inclined toward gold as a defensive asset. With momentum staying firmly bullish, gold is likely to remain elevated as long as risk sentiment stays weak," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
However, silver prices moved in the opposite direction. The white metal tumbled by Rs 7,000 to Rs 1,77,000 per kilogram (inclusive of all taxes), slipping from the previous close of Rs 1,84,000 per kg on Thursday.
In the global markets, spot gold eased by 22.39, or 0.52 per cent, to USD 4,303.73 per ounce on Friday, after surging to a record high of USD 4,379.29 per ounce in the previous session.
Spot silver, which briefly hit a lifetime high of USD 54.48 per ounce, later declined 1.32 per cent to USD 53.43 per ounce.
Darshan Desai, Chief Executive Officer of Aspect Bullion & Refinery, said, "Looking ahead, geopolitical tensions, particularly US-China trade issues and credit market worries, will remain key factors to watch, especially after the recent sharp rise in gold prices."
Analysts said the slight correction in global prices was likely a short-term adjustment following the recent sharp rally. "Despite the dip, the overall sentiment for gold remains constructive, driven by expectations of monetary easing by the US Federal Reserve, geopolitical uncertainties, and central bank buying," they added.
According to the commodities market experts, the prolonged US-China trade standoff remain a key driver behind the precious metal's surge as trade tensions continue to cast a shadow over global growth prospects.
"The rally drew additional fuel after United States (US) regional banking stress headlines grabbed investors' attention and stoked risk aversion, with the ongoing US government shutdown further dampening market sentiment," an expert said.
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Engine issue forces SWISS Delhi flight to abort takeoff; six passengers injured
New Delhi (PTI): A Zurich-bound Swiss International Air Lines' flight carrying 232 passengers aborted take off at the Delhi airport early Sunday due to an engine issue, sources said.
Six passengers are undergoing medical evaluation, an airline spokesperson said without elaborating.
Smoke was observed from the port side of one of the landing gears of the A330 aircraft that was operating the flight LX147 to Zurich. The flight crew aborted the take off and full emergency response was initiated, the sources said.
In a detailed statement, an airline spokesperson said there were 228 passengers and four infants on board.
"Shortly after takeoff, just after 1:00 am. local time in India, an issue occurred with one of the engines. The crew rejected the takeoff and, following an assessment of the situation, decided as a precaution to evacuate the aircraft," the spokesperson said.
Six passengers were receiving medical attention, the spokesperson added.
"All passengers and crew evacuated the aircraft via the emergency slides.Six passengers are currently undergoing medical evaluation. For a small number of individuals who were unable to use the slides, stairs were provided," the spokesperson said.
According to the spokesperson, Swiss technical specialists will travel to Delhi to inspect the aircraft and initiate the next steps.
The airline is known as Swiss.
At the same time, the spokesperson said the airline was working intensively to find a swift and suitable onward travel solutions for all passengers.
