Gold scales to eight-month high at Rs 31,525

New Delhi, Aug 17: Gold prices took another jump of Rs 515 to scale an eight-month high of Rs 31,525 per ten gram here today on sustained buying by stockists and investors.

After its biggest single day rise in two years yesterday, the precious metal advanced to a level last seen on December 18, 2012 due to tumbling rupee and stocks.

The rally in precious metals sparked after rupee plunged to all-time low of 61.65 against American currency, raising fears the dollar-denominated metal would become costlier and restrict supply into the market after the RBI prohibited inward shipment of gold coins.

Investors rushing to bullion as a safe haven following free fall in equities and forex further influenced the market sentiment. Firming global trend was another positive factor for the precious metals.

"Melting equities and depreciating rupee have left no other option for the investor fraternity but to park their funds in bullion," said Surender Jain, Vice President of All India Sarafa Bazar.

Restricted supply after government increased import duty on the metal to 10 per cent on August 13 and firm global cues supported the upsurge in the metal, he added.

The latest measures by RBI and the government are part of a series of steps taken to curb gold import, a major contributor to the widening current account deficit.

Silver followed suit and shot up further by Rs 1,365 to Rs 50,685 per kg on increased demand from industrial units and coin makers.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 515 each to Rs 31,525 and Rs 31,325 per ten grams, respectively.

Sovereign followed suit and climbed by Rs 200 to Rs 24,900 per piece of eight gram.

Similarly, silver ready added Rs 1,365 to Rs 50,685 per kg and weekly-based delivery by Rs 1,315 to Rs 50,535 per kg, after steep rise of Rs 3,270 in the previous session.

Silver coins spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

Comments

Its like yoou read my mind!You seem to know so much about this, like yoou wrote the book in it or
something. I think that you could do with some pics to drive
the message home a bit, but instead of that, this is wonderful blog.

A fantastikc read.I'll certainly be back.

Also visit my weblog :: self storage gold ira acxcount
(Jackson: http://mojo.myfoxorlando.com/biz/vebotv/oak-brook/il/60523/68783178)

Add new comment

Coastaldigest.com reserves the right to delete or block any comments.
Coastaldigset.com is not responsible for its readers’ comments.
Comments that are abusive, incendiary or irrelevant are strictly prohibited.
Please use a genuine email ID and provide your name to avoid reject.

‘Have letter, next step is...’: MUDA on Siddaramaiah’s wife’s offer to return plots

News Network

October 1,2024

Mysuru: The Mysuru land authority at the centre of a financial and political storm - involving Chief Minister Siddaramaiah and alleged losses of ₹ 45 crore to the state - has received an offer of restitution from his wife, the urban development body's Commissioner, AN Raghunandan said.

"I am in possession of a letter written by Siddaramaiah's wife regarding her intention to return 14 plots (of land). The Chief Minister's son, Yatindra Siddaramaiah, came to our office and delivered the letter. We will take legal advice for the next step..." he told reporters in Mysuru.

Mr Raghunandan also confirmed anti-corruption officials from the city's Lokayukta branch had written seeking cooperation in its inquiry into the charges against the Chief Minister.

He said the Mysuru Urban Development Authority, or MUDA, "will cooperate with the investigation".

The Enforcement Directorate, however, have not reached out as yet, Mr Raghunandan said. The ED, a federal agency, has filed a money laundering case against Siddaramaiah.

There have also been calls for the CBI, another federal agency, to investigate charges against the Chief Minister, but that appears unlikely now given the Karnataka government has withdrawn general consent for its operations in the state. Law Minister HK Patil made the announcement last week.

He ruled out any link with demands for the Chief Minister to be investigated by the CBI, which reports to the BJP-led central government and the ruling Congress and other opposition parties have claimed is being used by that party to target rival leaders, particularly before elections.

On Monday - three days after the Lokayukta filed a case against the Chief Minister, and hours after the ED launched its probe- Siddaramaiah's wife said she had planned to give up the land earlier but was advised against it the allegations against her husband are "politically motivated".

But now, she said, she had made up her mind as "no house, plot, or wealth is more important than my husband's honor, dignity, and peace of mind". She also said the decision was hers alone; "... I am not aware of my husband's opinion on this matter, nor do I concern myself with what my son thinks".

And, in a comment seen as a calculated swipe at the opposition BJP, which is leading calls for the Chief Minister's resignation, his wife also made an emotional appeal to "all political parties and the media" to "please not drag women of political families into the controversy to settle political scores".

Investigative action against the Chief Minister follows the Karnataka High Court quashing a challenge to Governor Thawar Chand Gehlot's order sanctioning Siddaramaiah's prosecution.

Subsequently a trial court ordered framing of charges and directed the Lokayukta to complete the investigation within three months. The ED case was filed based on the Lokayukta FIR.

Siddaramaiah faces an inquiry into claims Parvathi was allotted 14 plots of land in an upmarket Mysuru area as compensation for land elsewhere - holding a far lower value - taken for infrastructure projects.

The Chief Minister has denied all charges and refused calls to resign.

He has been backed by the Congress and his deputy, DK Shivakumar, who is also the state unit boss, and also by members of his cabinet, including IT Minister Priyank Kharge. However, some within the Congress also want him to quit, such as former Assembly Speaker KB Koliwad.

"I will fight. I am not afraid of anything. We are ready to face the investigation. I will fight this legally," he said last week after the High Court had quashed his challenge to the Governor's sanction.

Comments