Gold touches new high at Rs 17,400

NEW DELHI: Firming global trend and melting domestic equities helped gold prices reach a new high at Rs 17,400 per 10 gram in the bullion market here today.

Marketmen said the bullion market drew support from reports that gold in international markets surged to an all-time high of 1,153.90 dollar an ounce.

Besides, some investors were seen shifting from melting equity market to rising bullion for quick gains, boosting the demand for the metal, they said.

"The precious metals are more fancy of investors in domestic as well as overseas markets these day as a better option for making fast profits," said Rakesh Anand of R K Jewellers.

Marketmen said increased buying by stockists and jewellery fabricators for the ongoing marriage season was another factor that lifted the gold prices.

Standard gold and ornaments added another Rs 30 each to Rs 17,400 and Rs 17,250 per 10 gram respectively, while sovereign was unchanged at Rs 13,500 per piece of eight gram.

Silver ready remained steady at Rs 28,600 per kg in restricted buying, while weekly-based delivery strengthened by Rs 105 to Rs 28,200 per kg on speculators buying.

Silver coins continued to be asked around previous level of Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.

TOI

Food inflation rises to 14.55%

Food inflation
NEW DELHI: Food inflation shot up to 14.55% for the first week of November as pulses, mutton and spices turned costlier. Against this, food inflation stood at 13.68% for the week ended October 31.

Prices of urad rose by 9%, mutton and moong by 4% each, while condiments & spices, barley, wheat and bajra turned dearer by 3% each compared to the previous week.

Besides, raw jute prices increased by 7%, fodder by 5% and raw cotton by 3%.

However, on the weekly basis, poultry chicken and fruits & vegetables became cheaper by one per cent each.

Among fuels, prices of aviation turbine rose by 11% while that of furnace oil was up one per cent.

On an annual basis, prices of potatoes have more than doubled, while onions have become expensive by about 40%.

TOI

Sensex loses over 200 pts at closing

MUMBAI: The stock market benchmark Sensex today shed 213 points on fears that the government might step in to check the rush of foreign funds into equities, but a section of brokers saw it as a long due correction of overstretched valuation.

Brazil's latest move to curb capital inflows and weakness in European markets also weighed on the market sentiment, although Finance Minister Pranab Mukherjee has said that the rush of foreign funds into the country was not a matter of concern.

The government has, however, said that it would continue to monitor fund flow and act if there was any distortion.

Foreign Institutional Investors have pumped in over USD 15 billion in the country's equities market so far this year.

The Bombay Stock Exchange 30-share barometer settled the day at 16,785.65, a net fall of 213.13 points or 1.25 per cent from its previous close.

Industry chamber Assocham's suggestion to the government on Tuesday that foreign fund inflows should be subject to a two per cent tax may also have affected sentiments.

Hitech Securities Director Sanjeev Bhambri termed today's fall as a healthy correction to the market, saying: "Eventually the market will go higher by December than what it is now".

TOI

Steel Authority, NMDC to develop limestone mine in Himachal

Shimla, Nov 16: India’s public sector firms Steel Authority of India (SAIL) and iron ore producer NMDC Ltd (formerly National Mineral Development Corp) on Monday signed an agreement to jointly develop a limestone mine in Himachal Pradesh.

“SAIL and NMDC Monday signed an MoU to jointly develop the limestone mine in the Arki region of Solan district in Himachal Pradesh. The MoU for the 50:50 joint venture was signed in New Delhi,” SAIL said in a statement. The Arki mine has deposits of about 100 million tonnes of quality limestone. The two companies will develop the mine to produce one million tonnes of lumps and two million tonnes of fine limestone annually. While the low-silica limestone lumps will be used as flux for making steel, the fine limestone would be sold to cement companies. Presently, SAIL does not have any captive source of low-silica limestone and meets its entire requirement of this vital input from the market. With the proposed expansion of its production capacity in the next few years, its requirement of low-silica limestone is slated to go up to three million tonnes.

Himachal Pradesh allowed NMDC to extract limestone in the Arki region last year. This will be one of the biggest mining projects in the state with an investment of more than Rs 5 billion. (IANS)