Gold hits one-week high as Asian shares tumble

May 30, 2013

Gold_hitsSingapore, May 30: Gold jumped more than a percent to a one-week high on Thursday as investors dumped equities, but the metal still risked losing its safe-haven appeal on worries the U.S. Federal Reserve could scale back its bullion-friendly bond buying programme.

The Fed's stimulus programme has pushed money into riskier assets such as commodities and stoked inflation fears, but signs of strength in the U.S. economy may prompt the central bank to slow its $85 billion-a-month buying pace.

Gold hit an intraday low around $1,388 an ounce before rallying to as high as $1,410.51, its highest since May 22, as investors shifted some money back to bullion. It stood at $1,407.52 by 0714 GMT, up about 1 percent.

"I am looking for near term rebounds towards a relatively short-term pivotal zone of $1,445 to $1,450," said Tim Riddell, head of ANZ Global Markets Research, Asia.

"However, any slippage below $1,397 would be enough to shake me out of this view."

Gold has fallen 16 percent this year, hitting a 2-year low around $1,321 in April on signs of global economic improvement and amid fears that central banks could start to curtail easy money policies.

"This is a very tricky issue. I don't think Fed chairman Ben Bernanke really wants to start tapering stimulus, but more and more policymakers are for it," said Joyce Liu, an investment analyst at Phillip Futures.

But strong premiums for gold bars in Asia have indicated jewellers and retail investors are happy to buy bullion on dips. In Singapore, supply constraints have sent premiums to all time highs at $7 to spot London prices.

"It seems that every time there's a dip, people will start coming to the market to buy," Liu said.

U.S. gold rose as high as $1,410 an ounce, its strongest since May 22.

Japanese equities led a tumble in Asian shares as the dollar slipped to fresh lows against the yen on Thursday, with investors worried about what might happen if the Fed winds back its massive stimulus programme.

Asian gold demand from April to June will reach a quarterly record as the region's bullion consumers take possession of supply freed up by selling from exchange-traded funds (ETFs), the World Gold Council said on Wednesday.

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Agencies
March 3,2020

Lucknow, Mar 3: Two days after wife of Kafeel Khan, who is booked under the National Security Act, alleged that her husband faced a threat to life in Mathura jail, where he is lodged for anti-CAA protests, the District Magistrate claimed that Khan was 'fully secure' in the jail.

"Kafeel Khan, who has been booked under the National Security Act (NSA) for alleged inflammatory statements during an anti-CAA protest in Aligarh, is absolutely fine and fully secure in Mathura jail. Allegations of 'inhuman' treatment being meted out to him are baseless," Mathura District Magistrate Sarvagya Ram Mishra said on Monday.

Also Read: Kafeel Khan’s wife fears threat to his life
Senior Superintendent of Mathura district prison, Shailendra Maitrey, said that Khan's condition is being monitored every half an hour and the report is written in the gate book. He said, his ECG is normal and blood pressure was also in control.

He said that Khan was demanding checkup from a cardiologist.

"Since no specialist is available in the government sector here, his request could not be complied with. However, the jail authorities have sent his request to chief medical officer and have asked him to make a specialist available," the jail official said.

He said Khan is in barrack, which is fully ventilated, and he shares it with 50-60 'good behaviour' prisoners.

It may be recalled that in a letter to the Chief Justice of Allahabad High Court, Additional Chief Secretary (Home), and Director General (Jail), Shabista Khan, wife of the jailed doctor, had alleged that her husband was being treated inhumanely in the jail.

She feared that an attempt could be made on her husband's life inside the jail. She had demanded adequate security for him and had urged that her husband should be kept away from active criminals lodged in the jail.

Khan was booked by Aligarh police on December 13 for delivering a provocative speech in Aligarh Muslim University (AMU) during an anti-CAA protest in the campus, a day earlier, and was arrested from Mumbai airport on January 29 by Uttar Pradesh special task force.

The Aligarh police had slapped the stringent National Security Act (NSA) against Khan on February 13 night, hours before he was expected to walk free from the Mathura jail, after he was granted bail by Aligarh's chief judicial magistrate on February 10.

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News Network
April 10,2020

New Delhi, Apr 10: With 896 COVID-19 cases reported in the country in the last 24 hours, India's total number of coronavirus positive cases rose to 6,761 on Friday, informed the Union Ministry of Health and Family Welfare.

Out of all these cases, 6039 are active cases, 516 have been cured/discharged/ migrated, and 206 deaths have been reported so far.

The country witnessed the highest one day increase with 896 cases.

37 deaths were reported in the last 24 hours.

Maharashtra with 1364 cases is the worst affected state followed by the Union Territory of Delhi with 898 cases and Tamil Nadu with 834 cases.

The country is under a 21-day lockdown until April 14 which was imposed to curb the spread of the virus.

States like Odisha and Punjab have extended the lockdown till April 30.

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News Network
May 29,2020

New Delhi, May 29: Union Home Minister Amit Shah on Friday met Prime Minister Narendra Modi and informed him about the views of all chief ministers on the extension of the ongoing nationwide lockdown beyond May 31, officials said.

During the meeting, Shah briefed Modi about the suggestions and the feedback he received from the chief ministers during his telephonic conversations on Thursday, a government official said.

The nationwide curbs were first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to contain the spread of novel coronavirus. It was first extended till May 3 and then again till May 17. The lockdown was further extended till May 31.

The home minister's telephonic conversations with the chief ministers came just three days before the end of the fourth phase of the lockdown.

During his talks with the chief ministers, Shah sought to know the areas of concern of the states and the sectors they want to open up further from June 1, the official said.

Interestingly, till now, it was Modi who had interacted with all chief ministers through video conference before the extension of each phase of the coronavirus-induced lockdown and sought their views.

This was for the first time that the home minister spoke to the chief ministers individually before the end of another phase of the lockdown.

Shah was present in all the conferences of chief ministers along with the prime minister. It is understood that the majority of the chief ministers wanted the lockdown to continue in some form but also favoured opening up of the economic activities and gradual return of the normal life, another official said.

The central government is expected to announce its decision on the lockdown within the next two days.

The number of COVID-19 cases in India has climbed to 1,65,799 on Friday, making it the world's ninth worst-hit country by the coronavirus pandemic.

The Health Ministry said the death toll due to COVID-19 rose to 4,706 in the country. While extending the fourth phase of the lockdown till May 31, the central government had announced the continuation of the prohibition on the opening of schools, colleges and malls but allowed the opening of shops and markets.

It said hotels, restaurants, cinema halls, malls, swimming pools, gyms will remain shut even as all social, political, religious functions, and places of worship will remain closed till May 31.

The government, however, allowed limited operations of the train and domestic flights. The Indian Railways is also running special trains since May 1 for transportation of migrant workers from different parts of the country to their native states.

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