Gold plunges Rs 3,900 to Rs 1,25,800/10g
New Delhi (PTI): Gold prices plunged by Rs 3,900 to Rs 1,25,800 per 10 grams in the national capital on Tuesday, tracking a decline in global rates amid fading expectations of an interest rate cut by the US Federal Reserve next month.
The precious metal of 99.5 per cent purity tanked by Rs 3,900 to Rs 1,25,200 per 10 grams (inclusive of all taxes), according to the All India Sarafa Association.
Silver prices were also under pressure as the white metal tumbled by Rs 7,800 to Rs 1,56,000 per kilogram (inclusive of all taxes).
"Gold and silver experience steep selloffs, as investors wait for hints on the Federal Reserve's policy course from a succession of US economic data releases this week, amid waning hopes for a US interest rate cut.
A rate cut in December has become less likely due to the absence of US data over the last six weeks and hawkish comments made by a number of Fed officials," Renisha Chainani, Head - Research at Augmont, said.
In the overseas markets, spot gold extended the losing run for the fourth consecutive session, slipping marginally lower at USD 4,042.32 per ounce. In the last four sessions, the precious metal dropped by USD 152.82, or 3.64 per cent, from USD 4,195.14 an ounce, recorded on November 12.
"Spot gold has extended its decline to the fourth straight day as doubts about the Fed rate cut linger amid hawkish comments from the Federal Reserve (Fed) officials.
"The rate cut probability in December has fallen to 41 per cent, down sharply from around 63 per cent as seen on November 5," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
Spot silver snapped a three-day losing run by gaining 0.57 per cent to USD 50.49 an ounce.
"Market participants will be closely watching the Federal Reserve's most recent meeting minutes, set to be released on Wednesday and monitor the September jobs report to be released on Thursday for insights into the strength of the US economy.
"The data release and meeting minutes are expected to provide further clarity on the interest-rate outlook and may influence gold prices in the near term," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
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Odisha: Normalcy returns to violence-hit Malkangiri; internet services fully restored
Malkangiri (PTI): Normalcy returned to Odisha’s Malkangiri district on Monday, nearly a week after around 200 villages were damaged in violent clashes in a village, with the district administration fully restoring internet services, a senior official said.
Additional District Magistrate Bedabar Pradhan said internet services, suspended across the district on December 8 to curb the spread of rumours and misinformation following the clashes, were restored after the situation improved.
The suspension had been extended in phases till 12 noon on Monday.
The administration also withdrew prohibitory orders imposed under Section 163 of the Bharatiya Nyaya Sanhita within a 10-km radius of MV-26 village, where arson incidents were reported on December 7 and December 8.
Though the violence was confined to two villages, tension had gripped the entire district, as the incident took the form of a clash between local tribals and Bengali settlers following the recovery of a headless body of a woman on December 4, officials said.
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The violence broke out after residents of Rakhelguda village allegedly set ablaze several houses belonging to Bengali residents, forcing hundreds to flee. The headless body of Lake Podiami (51), a woman from the Koya tribe, was recovered from the banks of the Poteru river on December 4, while her head was found six days later at a location about 15 km away.
Officials said the district administration held several rounds of discussions with representatives of the tribal and Bengali communities, following which both sides agreed to maintain peace.
Relief and rehabilitation work has since been launched at MV-26 village, with preliminary assessment pegging property damage at around Rs 3.8 crore.
A two-member ministerial team headed by Deputy Chief Minister K V Singh Deo visited the affected village, interacted with officials and locals, and submitted a report to the chief minister.
So far, 18 people have been arrested in connection with the violence, the officials said, adding that despite the withdrawal of prohibitory orders and restoration of internet services, security forces, including BSF and CRPF personnel, continue to be deployed to prevent any untoward incident.
On Sunday, Nabarangpur MP Balabhadra Majhi visited MV-26 and neighbouring Rakhelguda villages, and held discussions with members of both communities as part of efforts to rebuild confidence and restore peace.
More than two lakh Bengali-speaking Bangladeshis were rehabilitated by the Centre in Malkangiri and Nabarangpur districts in 1968, and they currently reside in 124 villages of Malkangiri.
