Gold futures hit record high of Rs 34,246 per 10 gram

August 28, 2013
New Delhi, Aug 28: Continuing its rising streak, gold prices climbed to cross Rs 34,000 per 10 gram level for the first time ever in futures trade today as rupee tumbled to hit an all-time low of Rs 68.75 amid a firming trend overseas.
gold

At the Multi Commodity Exchange, gold for delivery in October went up by Rs 531, or 1.57 per cent to trade at an all-time high of Rs 34,246 per 10 gram in a business turnover of 1,624 lots.

Similarly, the yellow metal for delivery in the far-month December surged by Rs 511, or 1.52 per cent, to Rs 34,161 per 10 gm in 505 lots.

Market analysts attributed rise in gold prices at futures trade to sliding rupee which tumbled to a historic low of Rs 68.75, making dollar-quoted precious metal expensive, and pick-up in demand at the spot market for the festive and upcoming marriage season.

Besides, a firming trend in global markets as speculation that the US may lead military strikes against Syria spurred investors' demand for a safe haven, too influenced gold prices at futures trade here, they said.

In the domestic market, gold prices closed at an all-time high of Rs 32,585 per 10 gram in Mumbai in yesterday's trade.

Meanwhile, gold advanced 0.3 per cent to USD 1,419.55 an ounce in Singapore.

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October 4,2024

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Mysuru: Chairman of JD(S) core committee and Chamundeshwari constituency MLA G T Devegowda on Thursday expressed his solidarity with Chief Minister Siddaramaiah saying the latter need not resign, while lambasting leaders of his own party and alliance partner BJP, including Union Minister H D Kumaraswamy.

In his speech during Mysuru Dasara inauguration he said that if persons against whom FIR is registered have to resign, many leaders from all the three parties, including Opposition Leader R Ashoka, will have to resign.

“All are sitting in glass houses... Since I know Siddaramaiah well, I am talking about him. At a time when mines and real estate are ruling politics, Siddaramaiah has survived in politics. He has never done any favour,” Devegowda said.

He added, “Allegations against Siddaramaiah are unexpected and accidental. If the Governor and Chief Justice order an investigation, it does not mean that he should resign."

He continued, asking, "Have they told Siddaramaiah to resign or have they asked to imprison him? When a person becomes a Central minister, he or she should realise their dignity and responsibility. Instead of recognising the good work done by Siddaramaiah, they ask him to resign. Will Kumarswamy (facing an FIR) resign? Should Siddaramaiah, who has become CM with a support of 135 MLAs, resign?"

"Opposition leaders are not remembering the good work of earlier CMs Kengal Hanumanthaiah, Veerendra Patil, Ramakrishna Hegde, H D Deve Gowda or S M Krishna. Karnataka is a model state. It is a bad trend to topple an elected government which is doing good work,” he further said.

Devegowda added, “Siddaramaiah is Goddess Chamundeshwari’s ‘Varaputra’ and hence has her blessings during tough times. He won the election in Chamundeshwari Assembly constituency, when the BJP-JD(S) government was in power in 2006. With the blessings of the Goddess, he has held varied positions right from becoming an MLA for the first time in 1983. He presented 15 budgets and has become CM for a second time. He took H C Mahadevappa, a Dalit leader to the state level. Siddaramaiah has the support of Deputy CM D K Shivakumar as ‘Jodeththu’. Blessings of the beneficiaries of guarantee schemes are with him (Siddaramaiah).” 

Siddaramaiah said, “Devegowda was a MUDA member. He knows the truth. Hence, he is saying this. His words have filled strength in me. ‘Satyameva Jayate’, Truth will always triumph.” 

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