Gold prices drop to near three-year low on U.S. data

June 26, 2013

Gold_prices_dropSingapore, Jun 26: Gold fell to its lowest in nearly three years on Wednesday, pressured by strong U.S. economic data that boosted stock markets and supported the U.S. Federal Reserve's plan to scale back its monetary easing measures in the next few months.

Bullion, now down for a seventh session out of eight, has been sliding since Fed Chairman Ben Bernanke laid out a strategy last Wednesday to wind down the bank's $85 billion monthly bond purchases on the back of a recovering economy.

Prices of gold, typically seen as hedge against inflation, have been supported in recent years by central bank steps to support their economies.

Spot gold fell 2 percent to $1,251.50 an ounce by 0413 GMT. Gold for immediate delivery fell to $1,243.94 earlier - its lowest since September 2010.

The metal has now lost 10 percent, or about $140 an ounce, since the beginning of last week.

"We've pushed past the $1,270 level seen last week. That's a key technical level so we are going through a whole bunch of stop losses," said Victor Thianpiriya, commodities analyst at Australia and New Zealand Banking Group.

Comex gold and spot silver both fell to their lowest since August 2010.

Strong economic data has prompted the Fed's decision to consider a wind-down of bond purchases from later this year and end purchases by mid-2014, raising fears that central banks around the world would pull support.

Data on Tuesday showed U.S. consumer confidence jumped in June to its highest level in more than five years, while sales of new U.S. single-family homes rose to their highest level in nearly five years in May.

PHYSICAL DEMAND SUBDUED

When gold fell the most in thirty years in mid-April after 12 annual gains, strong physical demand in Asia helped cap losses.

However, this time around demand has not risen strongly enough to support prices as buyers are waiting on the sidelines for the markets to stabilize.

"In April we had a lot of demand, it made it hard to get hold of bullion," said Gregor Gregersen of Silver Bullion Pte Ltd, a gold and silver dealer in Singapore. "This time, we saw an increase in demand but not the way we saw in April."

Liquidity issues in China have renewed fears of a slowdown in the No. 2 gold consumer.

The People's Bank of China has raised concerns of a lasting credit crunch as it tries to curtail a vast informal loan market and shore up growth, although it has sought to allay fears that its tough stance will lead to a banking crisis.

Shanghai gold futures fell nearly 3 percent on Wednesday.

Demand in India, the top gold consumer, has fallen as the government imposes new rules to discourage gold buying in an effort to reduce a record current account deficit.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 16.23 tonnes to 969.50 tonnes on Tuesday, to their lowest since February 2009.

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Agencies
May 26,2020

New Delhi, May 26: The in-fighting among the residents of housing societies over feeding of stray dogs is nowhere near ending, with yet another attack on a pregnant Russian woman again in the national capital region this time in Noida.

The Russian woman residing in a condominium in Noida's Sector 71 was allegedly attacked by two men for feeding foundling canines inside the complex.

"We have initiated an inquiry and a case has been registered against the men for voluntarily causing hurt and criminal intimidation," Amit Kumar Singh, Station House Officer of Phase 3 police station told IANS.

The police said that the victim is married to an Indian man and they live in that society.

The issue was raked up on social media by one of the residents of the society. Her post had even solicited a response and help from the Noida Police Commissioner.

Kaveri Rana Bharadwaj wrote, "Mob led by Vikas Sharma, and Mr. Chauhan beat up a pregnant woman in Jagriti Apartment, Sector 71 Noida. Request you to immediately arrest these men and provide security to the scared woman!"

When contacted, a member of the Resident Welfare Association (RWA) of the society said that the allegations levied by her are false and that he, along with a handful of other people, had only asked her not to feed the dogs.

Vikas Sharma divulged, "The woman was called at the society gate by the members of the RWA. When she was asked not to feed the street dogs, she became aggressive, started fighting with the residents of the society and even pushed a 70-year-old woman. The complaint that she registered against us is false. We did not even touch her."

He added that there are 70-80 street dogs in the society who have lately become extremely aggressive. "The lady was asked not to feed them as people feared stepping out of their houses and getting bitten."

In another incident on Tuesday, a Greater Noida man beat up a Chinese woman for allegedly fostering a stray dog which bit his canine.

Greater Noida District Commissioner of Police Rajesh Kumar Singh told IANS that the man named Amar Pratap Singh of ATS Paradiso misbehaved with the woman after his dog was bit by another dog who she used to feed every day.

The incident happened in the wee hours of the day when the accused took his dog out for a walk. "After his dog was bitten, in a fit of rage, he misbehaved with the Chinese woman." A Non-Cognizable Report (NCR) has been registered and no arrests have been made so far, the police said.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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News Network
June 30,2020

New Delhi, Jun 30: Short video making app TikTok, one of the 59 apps banned by the Central government on Tuesday, has said that it complies with all data privacy and security requirements under the Indian law and has not shared any information of its users in India with any foreign government, including the Chinese Government.

Taking to microblogging site Twitter, Tiktok India posted the statement issued by Nikhil Gandhi, Head of TikTok, India.

"The Government of India has issued an interim order for the blocking of 59 apps, including TikTok and we are in the process of complying with it. We have been invited to meet with concerned government stakeholders for an opportunity to respond and submit clarifications. TikTok continues to comply with all data privacy and security requirements under Indian law and has not shared any information of our users in India with any foreign government, including the Chinese Government," reads the statement.

"Further, if we are requested to in the future we would not do so. We place the highest importance on user privacy and integrity. TikTok has democratized the internet by making it available in 14 Indian languages, with hundreds of millions of users, artists, story-tellers, educators and performers depending on it for their livelihood, many of whom are first-time internet users," the statement further reads.

Amid border tensions with China in Eastern Ladakh, the Centre had on Monday banned 59 mobile apps including Tik Tok, UC Browser and other Chinese apps "prejudicial to sovereignty and integrity and defence" of the country.

A senior official at the IT ministry said the prime reason to block the apps under section 69 A of Information Technology Act is to stop the violation and threat to the security of the state and public order and to plug the data leaks.

"Almost all of them have some preferential Chinese interest. Few are from countries like Singapore. However, the majority have parent companies which are Chinese," the official said.

This move will safeguard the interests of crores of Indian mobile and internet users. This decision is a targeted move to ensure safety and sovereignty of Indian cyberspace, Ministry of Information Technology said.

Comments

Angry Indian
 - 
Tuesday, 30 Jun 2020

war is fought man to man face to face...how china killed how soldier,

and we indian banning there app...what a joke

now bakth will say 56 inch chest modi is hero...

 

in our counrty we have 100% fool leaders and 80% foolish citizen...we will never develop..

 

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