Bonds, Currencies & Commodities
Gold zooms above Rs32,000 level on strong demand from stockists

Gold prices for 99.9 and 99.5% purity spurted by Rs320 each to Rs32,300 and Rs32,100 per 10 grams on increased buying by stockists ahead of the marriage season 

 
New Delhi: Gold prices on Thursday crossed the coveted Rs32,000-mark for the first time in the national capital, driven by increased buying by stockists ahead of the marriage season amid a firming global trend, reports PTI.
 
The precious metal gained Rs320 to Rs32,300 per 10 grams. It has gained by Rs1,555 per 10 grams in the last two weeks.
 
Bullion merchants said the trading sentiment also bolstered as gold climbed in international markets on speculation the European Central Bank (ECB) will announce unlimited purchases of government bonds to defuse the euro-zone debt crisis, increasing demand for bullion as an alternate investment.
 
Gold is likely to scale new heights in the coming days for the marriage season, they added.
 
"Gold is on upward march and likely to touch new peaks in the coming days for festivals...," All India Sarafa Association General Secretary Surender Jain said, adding that a firming global trend and weak rupee will make imports of the metal costlier.
 
India is mainly dependent on imports for the precious metal, thus the global bullion trend sets the price trend in the country.
 
In London, gold rose by 0.96% to $1,709.70 an ounce and silver by 1.8% to $32.85 an ounce, the highest level since 4th April this year.
 
Following the general firming trend, silver gained Rs1,100 to Rs61,100 per kg on rising demand among industrial units and coin-makers.
 
On the domestic front, gold of 99.9 and 99.5% purity spurted by Rs320 each to Rs32,300 and Rs32,100 per 10 grams, respectively. Sovereigns followed suit and shot up by Rs200 to Rs25,250 per piece of eight grams.
 
Silver ready spurted by Rs1,100 to Rs61,100 per kg and weekly-based delivery by Rs1395 to Rs63,345 per kg. Silver coins shot up by Rs1,000 to Rs77,000 for buying and Rs78,000 for selling of 100 pieces.
 

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AEGON Religare launches new term insurance plan

The insurance plan from AEGOn Religare also provides life cover up to age of 75 years besides giving an option to add three riders like critical illness, woman care, total and permanent disability rider besides tax benefits

 
Mumbai: Private insurer AEGON Religare Life Insurance (ARLI) on Thursday launched a term insurance plan that provides two death benefit options and an in-built accidental death cover, reports PTI.
 
"With growing uncertainty and diminishing social support systems, term insurance is the most cost effective way to secure the financial future for the family. The AEGON Religare Term Insurance Plan is one more step in offering a comprehensive suite of protection products," ARLI Chief Marketing Officer Yateesh Srivastava said in a release.
 
The minimum age of entry to avail the plan is 20 years and the maximum is 65 years. While the maximum age at maturity is 75 years and the minimum sum assured is Rs10 lakh.
 
The term options under the plan ranges from 10 years to 40 years, or cover up to 75 years of age.
 
The plan also provides life cover up to age of 75 years besides giving an option to add three riders like critical illness, woman care, total and permanent disability rider besides tax benefits.
 
ARLI is a joint venture between AEGON, an international life insurance, pension and investment company, Religare, a global financial services group and Bennett, Coleman & Company.
 

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Air India’s first Boeing 787 Dreamliner to land on Saturday

Air India would get its first Boeing 787 Dreamliner on Saturday, which is to be followed by the delivery of two more within the next few weeks

 

New Delhi: Air India's long wait for the Boeing 787 Dreamliner is finally over, with the first of these long-haul planes set to arrive here on Saturday, reports PTI quoting sources.

 

The national carrier, which had placed orders for 27 of these aircraft six years ago, would get its first Dreamliner on Saturday, which is to be followed by the delivery of two more within the next few weeks.

 

However, the fate of the Delay Compensation Agreement, which was cleared by the Union Cabinet in August and is being fine-tuned by the Union Law Ministry, is still not clear, the sources said.

 

The agreement, supposed to be signed between the airline and Boeing, is to finalise the compensation to be given by the US aircraft major for almost four-year delay in deliveries.

 

The first batch was supposed to be delivered in September 2008 but design and production issues at Boeing delayed deliveries.

 

With these new aircraft, Air India, which intends to get 14 of them by March next year, would launch flights on several long-haul international sectors, including new services to Australia, later this year.

 

For the next few weeks, the Dreamliner would be operated on the domestic sectors, including Delhi-Mumbai, to enable the pilots and crew get accustomed to its landings and take-offs.

 

Air India was the second world carrier to have placed orders for this aircraft. But due to delays in clearing of the agreement further delayed the plane's deliveries to Air India.

 

Those airlines which have inducted and are already operating this aircraft are Japan's All Nippon Airways, Japan Airlines and Ethiopian Airways.

 

The plane is made of carbon composite material, which makes it light-weight and therefore is considered less fuel guzzler. Boeing claims the plane consumes 20% less fuel compared with the similar-sized B-767s and better fuel efficiency implies lower flying costs.

 

According to Boeing, as many as 47 airlines across the world have ordered nearly 900 Dreamliners.

 

The long-range, twin-engine aircraft has four variants, with the longest-range variant capable of flying over 15,000kms non-stop.

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