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.
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.
Udhayanidhi accuses BJP of not releasing funds for TN
Gobichettipalayam (PTI): Tamil Nadu deputy chief minister Udhayanidhi Stalin on Saturday charged the BJP government at the Centre with not releasing funds to the state and accused it of "snatching" TN's rights.
Addressing a poll rally at Gobichettipalayam in the western Erode district, the DMK youth wing chief claimed the Centre has not released funds to the tune of Rs 3,000 crore for education.
"They (union government) have snatched all our rights," he charged.
With regard to the Centre's proposal for delimitation, he said chief minister M K Stalin was the first person in the country to raise the voice against the union government's move. He claimed that it was a "huge victory" for the INDIA alliance, as the bill was defeated for lack of majority after the opposition voted against it in the Lok Sabha.
Listing out various welfare measures implemented by the DMK government, he said the existing "Kalaignar Magalir Urimai Thogai" (monthly financial assistance for women) will be doubled to Rs 2,000 if DMK was voted to power again.
The deputy chief minister charged that the BJP and AIADMK have tried to stall it by moving the court. "At present more than 1.3 crore women have benefited from the scheme", he said.
"Similarly, the breakfast scheme for the government school students will be extended till Class VIII", he said adding "more than 35 lakh college students across the state will be getting free laptops once the DMK government is formed".
Udhayanidhi also pointed out at the "Illatharasi" poll promise, providing Rs 8,000 worth of coupons to non-income tax paying women where they could buy or replace any household appliances of their choice.
Elections to 234 Assembly seats in Tamil Nadu will be held on April 23 and the results declared on May 4 following counting of polled votes.
