Gold falls by Rs135 on weak global cues

Analysts said that reports of sovereign debt rise spreading beyond Greece weighed on other financial markets worldwide and investors preferred the dollar as a safe haven

Gold prices today fell by Rs135 to Rs 17,250 per 10gm on the bullion market here on heavy selling by stockists after weak global cues, reports PTI.

Silver prices nosedived by Rs900 to Rs27,850 per kg.

Gold in overseas markets, which normally set the price trend on the domestic front, dropped 0.4% to $1,166.55 an ounce after the dollar rose on European debt woes and a report showing an unexpected jump in US factory orders.

Analysts said that reports of sovereign debt rise spreading beyond Greece weighed on other financial markets worldwide and investors preferred the dollar as a safe haven.

Low retail demand for gold due to off-marriage and festival season also put pressure on the metals, they added.

Standard gold and ornaments plunged by Rs135 each to Rs17,250 and Rs17,100 per 10gm respectively. They had gained Rs155 in the three previous sessions. Sovereign, however, closed flat at Rs14,150 per piece of 8gm in restricted activity.

Similarly, silver ready dropped by Rs900 to Rs27,850 per kg and weekly-based delivery by Rs1,130 to Rs27,300 per kg. Silver coins fell by Rs200 to Rs33,700 for buying and Rs33,800 for selling of 100 pieces.

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World’s biggest cargo airport constructed in Dubai

The new airport is planned to cover 140 square kilometres, part of the $33-billion Dubai World Central development in the Jebel Ali area, home also to the region's largest port and its busiest free zone

Dubai’s second airport which is designed to be the world’s largest, is set to start operations from 27th June for cargo only, reports PTI.

According to Dubai Airports chief executive officer Paul Griffiths, the Al-Maktoum International Airport, which is designed to be the world’s largest when completed, plans to receive passengers next year.

He said that the passenger terminal is scheduled to be ready by the end of this year and that it will enter service at the beginning of the summer season in 2011, towards the end of March.

The airport, which is designed to have six runways and handle 120 million passengers when fully completed, was supposed to be operational by the end of 2008. Its runway has been ready since 2007.

Mr Griffiths was speaking to reporters on the sidelines of the annual Arabian Travel Market in Dubai. “We are not just creating the largest airport in the world, it is also the best,” he said, adding that Dubai expects to receive 150 million passengers by 2030 at its two airports.

The new airport is planned to cover 140 square kilometres, part of the $33-billion Dubai World Central development in the Jebel Ali area, home also to the region's largest port and its busiest free zone.

Dubai is also continuing to expand its existing airport, building a third concourse while it plans to expand Terminal Two, which is the hub for its young low-cost carrier, Flydubai.

Dubai airport handled 11.47 million passengers in the first quarter of this year, up 20.4% from the corresponding period last year, he said.
Meanwhile, back home, the government today said the recent Dubai World debt crisis had no significant impact on the Indian economy including exports.

Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai Government. The UAE was India’s largest trading partner in 2008-09 with the two-way commerce estimated at $48.26 billion.

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Textiles exports likely to grow by 10%

The government has said that the textiles and clothing industry was adversely affected by the global economic slowdown and recession, but is on the path of recovery

The government today said that India’s textiles sector, which was impacted by the global downturn, is on the path of recovery and exports are likely to increase by 10% in the current financial year, reports PTI.

Impacted by demand slowdown, exports of textiles, including garment and silk, contracted by 4.34% to $14.07 billion in the first nine months of 2008-09, over the corresponding period.

"In FY’11, textile industry exports are projected to grow by 10%," minister of state in the textiles ministry Panabaaka Lakshmi informed the Rajya Sabha in a written reply.

She said that the textiles and clothing industry was adversely affected by the global economic slowdown and recession, “but is on the path of recovery.”

Replying to another question, the minister said that all possible efforts were being made to put the National Textiles Corporation (NTC) on a strong footing.

The Board of Industrial and Financial Reconstruction envisages modernisation of 24 mills by NTC.

“Out of these 24 mills, 18 mills have already been modernised,” she said, adding that depending upon availability of funds, all the 24 mills can start functioning by March 2011.
 

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