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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Women's quota bill would have ensured defeat of democracy, Constitution: Aaditya Thackeray
Mumbai (PTI): Shiv Sena (UBT) leader Aaditya Thackeray on Saturday said that the passage of the women's quota bill would have ensured a "total defeat of democracy", alleging that the legislation, linked with a delimitation exercise, was a political tool designed to reduce the voice of states.
Thackeray, in a post on X, claimed that the Bill would have amended the Constitution for the political means of the ruling regime to increase seats, reduce the voice of many states and enable the gerrymandering of constituencies to ensure unfair victories.
"The very amendment that would have ensured the total defeat of democracy and the Constitution in India stands rejected by the unity of the Opposition MPs," he wrote.
The legislation should have been called "Delimitation to ensure unfair victory Bill", the former minister said, adding that there was a genuine need to enable 33 per cent reservation for women in the current number of seats.
"Now, it is up to the government to ensure that it is implemented in the 543 seats of the Lok Sabha for the 2029 elections and all elections across India, if that is the real intent of the government," he wrote.
A Constitution Amendment Bill to implement reservation for women in legislatures in 2029 and increase the number of Lok Sabha seats was defeated on Friday in the Lower House.
While 298 members voted in support of the Bill, 230 MPs voted against it. Out of 528 members who voted, the Bill required 352 votes for a two-thirds majority.
According to the Constitution Amendment Bill, Lok Sabha seats were to be increased to a maximum of 850 from the current 543 to "operationalise" the women's reservation law before the 2029 parliamentary polls, following a delimitation exercise based on the 2011 Census.
