Maintaining its upward trend, gold price on Tuesday rose by Rs 54 to Rs 31,405 per 10 gm in futures trade as speculators indulged in creating positions, driven by a firming trend in spot markets. Gold for delivery in April contract traded R54, or 0.17% higher at R31,405 per 10 gm, in a turnover of 2,182 lots on the Multi Commodity Exchange. Similarly, for delivery in February, it gained R50, or 0.16% at R30,807 per 10 gm, in a turnover of 12,422 lots. Marketmen said the persistent rise in gold prices was mostly in line with a firming trend in spot markets as the landing cost would rise following a hike in import duty on the precious metal.
RIL gas output at all-time low
Reliance Industries has shut its eighth well in key gasfields in the KG-D6 block, resulting in output plummeting to an all-time low of 20.88 mmscmd. RIL, on January 9, shut the well B6 on the key fields of Dhiburbhai-1 and 3 (D1&D3) in the KG-D6 block due to water loading, according to a status report of the Directorate General of Hydrocarbons (DGH). Previously, on November 29 it had shut B4, the seventh well on D1&D3 field. The latest shutting has led to output slipping from D1 and D3 to 16.98 million standard cubic metres per day during the week ended January 13.