|A fresh bout of buying is expected in India|
after new rules on gold imports and exports
are clarified. Photo: Reuters
Presidential Elections: Support Dr.Meira Kumar
Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" will invariably bring Shame to the Biharis and Jharkhandis (or erstwhile unified Bihar). Do you think that, people of Bihar will leave Nitish Kumar Scott - free, if Dr.Meira Kumar loses ? So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar.
Moreover, if Nitish Kumar wants to fall in the BJP's well calculated electoral TRAP no one can save him in the next election.
Also, I am surprised to see Mr.Navin Pattanayak, so easily chewing the RSS bait. Orissa is a state, where there is large chunk of Tribal Christian voters loyal to the BJD (Biju Janata Dal). I am still to fathom, BJD's sudden electoral gamble of siding with the RSS and the BJP; when Mr.Pattanayak has been maintaining distance from them since some time.
Besides, the election of Dr.Meira Kumar, who is educated, experienced and very sober, might also correct some of the historical mistakes of not making her father, the Prime Minister of India.
Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar, give a conscience vote and make her the 2nd Female President of India.
All the best to Dr.Meira Kumar.....👍✌
Thursday, September 26, 2013
US budget uncertainty boosts gold price
The US Congress, struggling to avert a government shutdown next week, turned its attention to the other fiscal bullet coming at it: a federal debt default.
Republican leaders in the House of Representatives notified members that a vote on raising the debt limit could come as early as Friday. The uncertain outcome of the budget talks sent US Treasury bond prices higher while US equities fell.
Gold rose to a record US$1,920 an ounce in September 2011 partly on fears about the first US debt ceiling crisis, which confronted investors with the possibility that the world’s biggest economy would be unable to pay interest on its debt.
“We do not envisage the gold market to revisit the same euphoria seen during the debt ceiling crisis in mid-2011. Nonetheless, US debt ceiling concerns would still be viewed as positive for bullion,” said James Steel, chief precious metals analyst at HSBC.
Spot gold rose 0.8 per cent to US$1,332.60 per ounce at 4.03pm in New York.
The Comex gold contract for December delivery settled up US$19.90 at US$1,336.20 an ounce. Trading volume was about 10 per cent below the 30-day average, preliminary Reuters data showed.
The metal also received a boost from the International Monetary Fund, which reported that central banks continued to increase gold reserves in August, with Russia buying nearly 13 tonnes.
The price of bullion has fallen about 20 per cent this year, after 12 years of gains.
Meanwhile, the top US derivatives regulator, the Commodity Futures Trading Commission, said on Wednesday it closed a five-year investigation into alleged manipulation of the silver market, saying 7,000 staff hours of investigation produced no evidence of wrongdoing.
Silver rose 0.4 per cent to US$21.76 an ounce.
In the physical market, consumers in top markets China and India appeared to stay on the sidelines with continued volatility in prices and expectations of further declines, dealers said.
China, the second-biggest gold consumer, is headed into a strong buying season, but market holidays next week for National Day have kept things quiet, traders said.
In India, a fresh bout of buying is expected after new rules on gold imports and exports are clarified, but buying is unlikely to return to the strong volumes of the first half of the year.
Among other precious metals, platinum rose 0.3 per cent to US$1,422.49 an ounce and palladium gained 0.4 per cent to US$720.22 an ounce.