Maharashtra minister accuses Karnataka govt of blocking oxygen supply
Mumbai, May 8: Maharashtra minister Satej Patil on Saturday accused the neighbouring Karnataka government of `interrupting' oxygen supply to Western Maharashtra from a steel plant in Bellary, and asked the Centre to intervene.
In a statement, Patil, the Minister of State for Home, said "interruption of oxygen meant for Kolhapur and other districts by Karnataka is unfortunate".
The Union government should ensure that the supply is not disrupted to avoid loss of life, he said.
"The supply of 50 MT of oxygen to Maharashtra especially to Western Maharashtraby the central government was interrupted by the Karnataka government. This will lead to shortage of oxygen in Kolhapur, Sangli, Satara, Sindhudurg and Ratnagiri districts," the Congress leader claimed.
Shortage of medical oxygen is plaguing many states in the country where coronavirus cases have surged massively in the last few weeks.
Patil, who is also guardian minister for Kolhapur, informed that to face a possible third wave of COVID-19 pandemic, 14 oxygen plants will be set up in the district.
The new plants would generate 23 MT oxygen and can refill 1,800 cylinders daily, he added.
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Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
