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.
Delhi CM Rekha Gupta accuses Mamata Banerjee of stalling SIR; TMC hits back
Kolkata (PTI): Alleging that her West Bengal counterpart Mamata Banerjee had approached the Supreme Court to stall the SIR exercise to prevent the identification of infiltrators, Delhi Chief Minister Rekha Gupta on Sunday claimed that the people of the state have made up their minds to dislodge the Trinamool Congress from power.
The TMC countered strongly, urging Gupta to "look into her own backyard" and accused her of making absurd allegations against the TMC government without checking facts.
Addressing participants at the 'Nari Sankalp Yatra' organised by the BJP's women's wing at Science City auditorium here, Gupta alleged that the "hands-off" and appeasement policies of the TMC government had allowed thousands of infiltrators to enter the state in recent years.
She claimed that this had put a strain on basic rights such as access to water, electricity, ration, education, livelihood and the right to vote for genuine citizens.
"She wants to perpetuate this and hence is trying to stall the SIR exercise, which aims at identifying and deporting infiltrators. Imagine a chief minister going to the apex court to argue against an exercise meant to ensure free and fair polls," Gupta said.
The BJP leader alleged that appeasement politics had reached an "alarming level" under the TMC regime.
Raising concerns over women's safety, she claimed that women in the state were not secure despite having a woman chief minister.
Referring to the rape-murder of a woman doctor at RG Kar Hospital, Gupta alleged that the state government had failed to respond adequately to such crimes.
She also referred to the alleged rape of a woman medic in Durgapur and another law student on a Kolkata college campus, claiming that criminals had been emboldened to commit brutalities against women.
She alleged that in crimes against women, overall crime incidents and child marriages, West Bengal remained among the top -- "a slur on a state which once led intellectual and social movements and set examples for the rest of the country," she said.
Criticising the state government's welfare initiatives, she said schemes such as Kanyashree were built on "false claims" and asserted that women needed security rather than assurances.
Accusing the state government of blocking central schemes, Gupta alleged that funds worth "lakhs of crores of rupees" had not reached the poor due to non-implementation of programmes such as Ayushman Bharat, PM Awas Yojana and Jal Jeevan Mission by the state.
"You are only interested in renaming projects and taking credit," she said.
Gupta also alleged that the education sector in the state had been adversely affected, saying several state-run schools had closed due to a shortage of teachers and that the government was opposed to the National Education Policy.
Drawing a comparison with BJP-ruled Delhi, Gupta said, "People have already voted out 'Bhaia' (a reference to former Delhi chief minister Arvind Kejriwal). Now it is your turn to bid farewell to 'Didi'." Calling upon women to resist what she termed "strong-arm tactics", she urged them to assert their strength, invoking the imagery of Goddess Durga.
"Bengal has the right to live with dignity, and women have the right to live with dignity," she added.
Reacting to Gupta's allegations, West Bengal Women and Child Welfare minister Shashi Panja accused her of making "absurd allegations" against the Trinamool Congress government ahead of elections.
Panja alleged that during Gupta's tenure in Delhi, several incidents had raised serious concerns, including reports of missing young women and a blast near the Red Fort.
She also criticised the air pollution situation in the national capital, claiming that people were struggling to breathe.
The TMC leader said that despite being in power for a year, Gupta was making "tall claims" instead of addressing key issues in Delhi.
Panja further alleged that the Delhi CM visited West Bengal during elections to "peddle false allegations" against the state government.
Rebutting Gupta, the TMC said in a post on X said, "Madam why did you go off-script again? For your edification, here are the cold, hard facts: In total cases of crimes (IPC + SLL), Bengal ranks a respectable 15th, far safer than BJP-ruled Uttar Pradesh, Maharashtra, and Gujarat, which languish near the bottom."
"In overall crime rate, Bengal sits comfortably at 28th. Who's second? Your own Delhi. Double Engine Gujarat and Haryana grab 4th and 5th as top-tier crime havens," the TMC said.
"In child marriage, Assam again takes the shameful pole position. And yet you dare lecture Bengal? Stop embarrassing yourself, stop the hypocrisy, and maybe fix the rotting mess in your own backyard before pointing fingers at a state that's outperforming your disasters on every key metric," the TMC countered.
