Quick view: Gold, silver drop on sluggish demand and global cues

Updated: Sep 29 2013, 02:20am hrs
Gold and silver prices tumbled in the national capital on Friday on sluggish demand and a weak global trend. While gold prices declined by R340 to R30,200 per 10 gm, silver dropped by R540 to R48,455 per kg on reduced offtake by jewellers and coin makers. Traders said sluggish demand due to ongoing sharads an inauspicious fortnight in Hindu mythology for making new purchases mainly kept pressure on gold and silver prices. They said a weakening global trend where gold dropped, following an unexpected decline in US jobless claims boosted speculation the Federal Reserve might taper stimulus, further influenced the sentiment.

Rajasthan, Mizoram, Himachal Pradesh implement food law

The Centre on Friday said Mizoram, Rajasthan and Himachal Pradesh have started implementing the food law that aims to provide legal right to subsidised foodgrain to 67% of population. The Delhi government was the first to announce the implementation of the landmark law last month. Haryana and Uttarakhand followed suit. The states have been provided one year for implementation. But Haryana, HP, Rajasthan, Uttarakhand, Mizoram and Delhi have already started its implementation, an official statement said. Under the law, the govern-ment aims to provide uniform entitlement of 5 kg per person per month through ration shops at the fixed rate of R3, R2, R1 per kg for rice, wheat and coarse grains, respectively.