Gold posts biggest single-day gain to cross Rs28,000 mark

The trading sentiment at home was bolstered by gold's ascent to a record level in overseas markets as mounting concerns over sovereign debt and slower growth spurred investors to seek the perceived safety of bullion as an investment haven

New Delhi: Gold climbed to an all-time high of Rs28,150 per 10 grams in the national capital on Friday, posting its biggest-ever single day gain of Rs1,310 amid frantic buying triggered by robust demand in global markets, reports PTI.

The trading sentiment at home was bolstered by gold's ascent to a record level in overseas markets as mounting concerns over sovereign debt and slower growth spurred investors to seek the perceived safety of bullion as an investment haven.

Gold rose to an all-time high of $1,867.95 an ounce in London, with investors preferring to hedge their funds amid melting global equity markets in the wake of worse-than-expected US economic data, coupled with growing concerns over Europe's debt crisis.

In addition, retail buying for the upcoming marriage season further boosted the market sentiment. Silver also jumped on rising demand from industries such as electroplating and other consuming units.

All-India Sarafa (bullion) Bazar Association president Sheel Chand Jain said the Rs1,310 per 10 gram jump in gold prices in a single day was the biggest in the metal's history, adding that a further rise is expected as investor buying picks up.

He said a steep fall in global equity markets and weakness of the Indian rupee against the US dollar left investors with no other avenue to park their funds than gold as a safe hedge.

The trend at home was more influenced by the international price of gold, though scattered local buying for the coming marriage season was an additional factor boosting demand for the shiny metal, he said.

On the domestic front, gold of 99.9% and 99.5% purity spurted by Rs1,310 each to Rs28,150 and Rs28,000 per ten grams, respectively. Sovereigns followed suit and surged by Rs1,100 to Rs22,400 per piece of eight grams.

In a similar fashion, silver ready surged by Rs1,500 to Rs62,800 per kg and weekly-based delivery by Rs1,920 to Rs62,690 per kg. Silver coins flared up by Rs1,000 to a fresh high of Rs69,500 for buying and Rs70,500 for selling of 100 pieces.

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Magnitude 6.8 earthquake strikes north-east Japan

A 50cm tsunami advisory was issued for the coast of Miyagi and Fukushima that were severely damaged in the devastating earthquake and tsunami in March

Tokyo: A strong earthquake with a preliminary magnitude of 6.8 struck north-eastern Japan off Fukushima prefecture on Friday. Following the quake, a 50cm tsunami advisory was issued for the coast of Miyagi and Fukushima prefectures, according to the Japan Meteorological Agency.

The tsunami advisory was issued for the coastal areas that were severely damaged in the devastating earthquake and tsunami in March.

Tokyo Electric Power Company said no abnormalities had been found at radiation monitoring posts at the crippled Fukushima Daiichi nuclear power plant and that cooling operations at the damaged reactors were continuing.

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Reliance Infra challenges SIC order bringing company under RTI ambit

The SIC, on 19th July passed an order bringing Reliance Infra under the ambit of RTI after observing that though it was a private company it provided 'essential public service' of electricity and hence should come under the Act

Mumbai: Stating that it was a private company and not a public authority, Anil Ambani-led Reliance Infrastructure (Reliance Infra) has approached the Bombay High Court challenging an order passed by the State Information Commission (SIC) bringing the company under the ambit of provisions of Right to Information (RTI) Act, reports PTI.

The SIC, on 19th July passed an order bringing Reliance Infra under the ambit of RTI after observing that though it was a private company it provided 'essential public service' of electricity and hence should come under the Act.

The order came following a complaint filed by one Anil Galgali. The commission had also directed the company to appoint a public information officer and an appellate officer as per provisions of RTI.

In its appeal challenging the order, Reliance Infra has said it is not a body or institution of the government, established or constituted by the Constitution of India. "Reliance Infra does not fall within the definition of a public authority as either being owned, controlled or substantially financed by the funds provided by the government," the petition states.

It further says that even the Information Commission has admitted that Reliance Infra is a private company and has not been set up by the government. "Thus there is no question of the RTI Act being made applicable to Reliance Infra. The order passed by the Commission is liable to be quashed and set aside," the company has said.

The petition would come up for hearing in due course of time. Mr Galgali had approached the commission after Reliance Energy declined to provide him information regarding his electricity bills. Mr Galgali had sought information under the RTI Act which was rejected saying the provisions of the Act does not apply to private companies.

Mr Galgali had argued before the commission that Reliance Infra was formed under the Company Act and functioned as a public utility and hence should come under the ambit of RTI.

Accepting his arguments, the commission had observed that the company was given work under the Electricity Act, 2003 and supplying power is a public service under the Act.

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