Gold tanks to Rs 1,25,600/10 grams in Delhi markets amid weak global cues
New Delhi (PTI): Gold prices tanked to Rs 1,25,600 per 10 grams in the national capital on Friday amid weak trends in the international markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 1,32,400 per 10 grams on October 18.
Gold of 99.5 per cent purity slumped to Rs 1,25,000 per 10 grams (inclusive of all taxes). It had settled at Rs 1,31,800 per 10 grams on Saturday.
In the local bullion market, silver prices also tumbled to Rs 1,52,600 per kilogram (inclusive of all taxes) on Friday. It had ended at Rs 1,70,000 per kg in the previous market session.
The association said that local bullion markets reopened on Friday after being closed for four days amid Diwali festivities.
In the international markets, spot gold fell by USD 38.47, or 0.93 per cent, to USD 4,087.55 per ounce on Friday after rising 0.67 per cent in the previous session.
"Gold struggled to maintain its recovery on Friday as the market shifted from a bullish trend to the correction phase. Traders remain cautious following a sharp sell-off earlier in the week and avoid fresh buying," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Gandhi noted that many markets in India are closed for the holiday season, and following the conclusion of the Diwali festival, the demand in India, the world's second-largest gold consumer, is expected to decline.
Spot silver declined by USD 1.66 per cent to USD 48.12 per ounce in the overseas markets.
"Easing geopolitical tensions, as US President Donald Trump and Chinese counterpart Xi Jinping's meeting is scheduled on October 30, also weighs on the metal.
"Meanwhile, the Trump administration's decision to impose sanctions on the biggest Russian oil companies has underscored the fact that geopolitical concerns are going to linger for a long time," Praveen Singh, Head of Commodities and Currencies at Mirae Asset Share Khan, said.
Gold is likely to trade between USD 4,000-4200 per ounce level in the near term, as the interest rate cut expectations by the US Federal Reserve limit the downside, Singh added.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "The ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious".
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Ex-PM Devegowda warns opposition of electoral losses if they continue to allege 'vote chori'
New Delhi (PTI): Former Prime Minister H D Devegowda on Monday said the Opposition parties would "suffer" if they continue to raise allegations of "vote chori" and create suspicion in the minds of voters by blaming Prime Minister Narendra Modi-led government.
Participating in a discussion on election reforms in the Rajya Sabha, he criticised the Opposition for making a mockery about the Prime Minister "in the streets and on the public platform".
"This (India) is a very big country. A large country. Congress may be in three states. Remember my friends please, by using the words 'vote chori' you are going to suffer in the coming days. You are not going to win the battle," Devegowda said, referring to the Opposition members.
He asked what the Opposition is going to earn by "blaming Narendra Modi's leadership and creating a suspicion in the mind of the voters" through the claims of "vote chori".
"What has happened to their minds? Let them rectify," Devegowda said.
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The former prime minister said that during his over seven decades of public life, he has never raised such issues of vote theft despite facing defeat in elections.
He also cited a letter written by the then Prime Minister Jawaharlal Nehru regarding inclusion of "18,000 votes" (voters) in Kerala.
"Why I am telling this (because) during the Nehru period also, there were certain lapses in the electoral system," said Devegowda, who was the prime minister between June 1, 1996 and April 21, 1997.
He said that the Congress party faced defeat in the recent Bihar elections despite raising the issues of mistakes in the electoral rolls.
"What happened after that even after so much review (of voters list). Think (for) yourself! You got six MLAs," the senior Janata Dal (Secular) leader said.
Devegowda questioned the Opposition as to why they want to make allegations against the prime minister on the issue of the voters list?
"Election Commission is there. Supreme Court is there. The Election Commission has given direction to all the state units to rectify all these things," he said.
Devegowda said people of the country have full confidence in Narendra Modi's government and it will come back to power after the next Lok Sabha elections as well.
K R Suresh Reddy, Bharat Rashtra Samithi (BRS) party's Rajya Sabha member from Telangana, said that electoral reforms are the backbone for a healthy democracy.
He said a large and diverse nation like Indi needs clean electoral rolls.
Asserting that strict re-verification should not become a mechanism for exclusion, Reddy said no eligible voter should lose their right to vote simply because accessing paperwork is difficult.
He said while the concern definitely is on the voters' exclusion, "we should also be equally concerned about the percentage of voting."
"What is happening in voting today? Once the election ends, the drama begins. The biggest challenge that the Indian democracy has been facing in spite of two major Constitutional amendments has been the anti-defection. Anti-defection is the name of the game today, especially in smaller states, especially where the legislatures are small in number," Reddy said.
The senior BRS leader suggested creation of a parliamentary committee "which would constantly look into the defection" and "ways and means to cutting that".
AIADMK's M Thambidurai raised the issues related to election campaigning.
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"Election campaigns are one of the important election processes. In that, political parties must be given the proper chance to campaign," he said and cited problems faced by his party in Tamil Nadu in this regard.
Thambidurai said political parties were facing hardships in Tamil Nadu to conduct public meetings and to express their views to the public.
YSRCP's Yerram Venkata Subba Reddy stressed on bringing electoral reforms at both the state and national levels.
He also suggested replacing Electronic Voting Machines with paper ballots in all future elections.
"EVM may be efficient but can't be trusted. Paper ballot may not be efficient but can be trusted. You need trust in democracy," Reddy added.
