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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News Network
January 27,2020

Jaipur, Jan 27: Senior Congress leader Shashi Tharoor said that if the Citizenship Amendment Act leads to the implementation of the NPR and the NRC, it would be a complete victory for Pakistan's founding father, Muhammad Ali Jinnah.

He said that Jinnah's idea of a country was already winning in India with the contentious Citizenship Amendment Act (CAA) coming into effect, but asserted that there was still a choice available.

"I would not say Jinnah has completely won, but I would say Jinnah is winning. There is still a choice available to the nation between Jinnah's idea of a country and Gandhiji's idea of a country," he said on the sidelines of the Jaipur Literature Festival on Sunday.

The CAA came into force in India in December amid protests across the country and around the world.

The MP from Thiruvananthapuram said that the amended Citizenship Act took Jinnah's logic by declaring that religion shall be the basis of nationhood, reaffirming that Gandhi's idea is that all religions are equal .

"The CAA is, if you are talking Tennis, you would say one set up or big first set lead for Jinnah. But the next step would be if the CAA would lead to the National Population Register (NPR) and the National Register of Citizens (NRC). If that happens, then you would consider that Jinnah's victory is complete," he said.

The CAA seeks to grant citizenship to migrants belonging to Hindu, Sikh, Buddhist, Christian, Jain and Parsi communities who came to India from Pakistan, Bangladesh and Afghanistan on or before December 31, 2014.

On the BJP's defence that the NPR was carried out during the UPA regime, Tharoor said that the Congress government had utilised a decision of the NDA government led by former prime minister Atal Bihari Vajpayee.

"It never asked where were your parents born. It never authorised the enumerators to note on the margin 'dubious citizenship', a term used in the NPR rules crafted by this government. That is purely BJP's invention," he said.

If we go around this country authorising people to interview all the citizens, or identify some who have 'dubious citizenship', you can be pretty sure which Indians are going to be found on the 'dubious citizenship', he said.

"That will principally be one community that is not mentioned in the CAA. And if that happens, then it is indeed Jinnah's victory.

"From wherever he is, he can point to this place and say, 'see I was right in the 1940. We are separate nations and Muslims deserved their own country because Hindus cannot be just'," Tharoor said.

Speaking about the Delhi election, the three-time MP said that the maximum development in the national capital happened under the Congress government.

"What Sheila Dikshit did in her 15 years as Chief Minister of Delhi, no other leader could do it before or after her," he said.

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News Network
July 24,2020

Lucknow, Jul 24: A special CBI court on Friday recorded the statement of veteran BJP leader LK Advani in the Babri mosque demolition case.

The statement of the 92-year-old former deputy prime minster was recorded through video conferencing in the court of special Judge S K Yadav.

On Thursday, the court recorded the statement of BJP veteran Murli Manohar Joshi in the case. 

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News Network
March 23,2020

New Delhi, Mar 20: Prime Minister Narendra Modi on Monday appealed to state governments to ensure that rules and regulations of the coronavirus lockdown are enforced as he noted that many people are not taking the measure seriously.

"Many people are still not taking the lockdown seriously. Please save yourself, save your family, follow the instructions seriously. I request state governments to ensure rules and laws are followed," he said in a tweet in Hindi.

The Centre and state governments have decided to completely lock down 80 districts across the country where coronavirus cases have been reported.

Uttar Pradesh, Maharashtra, Punjab, Karnataka, Tamil Nadu and Kerala announced lockdown in many districts.

Delhi will be locked down from 6 am on March 23 till midnight on March 31.

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