Gold keeps going north on duty hike
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.