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Time of India
12-05-2025
- Business
- Time of India
Gold tanks Rs 3,400 to Rs 96,550/10 g as US-China trade deal curbs demand
Gold prices tanked sharply by Rs 3,400 to Rs 96,550 per 10 grams in the national capital on Monday as traders shifted from safe-haven buying after the US declared a 90-day pause on tariff against Chinese imports. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Gold prices tanked sharply by Rs 3,400 to Rs 96,550 per 10 grams in the national capital on Monday as traders shifted from safe-haven buying after the US declared a 90-day pause on tariff against Chinese imports. According to the All India Sarafa Association, the precious metal of 99.5 per cent purity plunged Rs 3,400 to Rs 96,100 per 10 grams on Monday. This marks the steepest fall in 10 months since gold prices plunged Rs 3,350 on July 23, of 99.9 and 99.5 per cent purity had settled at Rs 99,950 and Rs 99,500 per 10 grams on Saturday."Gold prices fell sharply amid signs of progress in trade talks between the US and China, along with some relief in geopolitical tensions, including India-Pakistan," Rahul Kalantri, VP Commodities at Mehta Equities Ltd, silver prices fell Rs 200 to Rs 99,700 per kg from Saturday's close of Rs 99,900 per the trade talks in Geneva over the weekend, the US agreed to drop its 145 per cent tariff rate on Chinese goods to 30 per cent, while China agreed to lower its rate on US goods to 10 per cent for a 90-day the dollar index, which gauges the greenback's strength against a basket of six currencies, is trading higher by 1.42 per cent at futures trades, the most traded contract for gold plummeted Rs 3,932 or 4.07 per cent to trade at Rs 92,586 per 10 grams on the Multi Commodity Exchange (MCX).According to Jateen Trivedi, VP Research Analyst - Commodity and Currency , LKP Securities, geopolitical tensions cooled with signs of a potential truce between Russia and Ukraine, and an understanding between India and Pakistan on military developments led to heavy profit booking in gold, which had previously rallied on global uncertainty, Trivedi said.A strong rally in stock markets also hit the gold's appeal as a safe-haven contracts for July delivery slumped Rs 2,295 or 2.37 per cent to Rs 94,434 per kg on the gold tanked over 3 per cent to trade at USD 3,218.70 per ounce in the global silver in the international markets fell 1.19 per cent to trade at USD 32.33 per ounce."Gold dips more than 2 per cent on long-liquidation/ profit-booking amid easing geo-political tensions and recovery in the greenback against major currencies," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, in the week, investors will focus on the US macroeconomic data, including inflation/ retail sales and consumer sentiments. They will also await US Fed Chair Jerome Powell's speech - for more clues on the central bank interest rate path, Mer added.
The Star
25-04-2025
- The Star
Frozen goods seized in KK after 560kg of spoiled food found in store
KOTA KINABALU: Nearly RM2mil worth of frozen food has been seized by the General Operations Force (GOF) after expired or spoiled items were found among goods stored on the premises. Sabah GOF Commander Datuk Abdul Rani Alias said several hundred boxes were seized and two employees, aged 22 and 44, arrested at the storage site on Jalan Makat here at about noon on Wednesday (April 23). Cmdr Abdul Rani said the raid under Ops Taring Chiller was carried out after public information and intelligence gathering on business activities at the location that were in breach of the Food Act 1983. The GOF Battalion 16 Intelligence Task Force team inspected the premises and found that frozen food in the store was mixed with expired and spoiled frozen food, he said on Friday (April 25). Among the items seized were beef, chicken thighs, potatoes, mutton, and nuggets. He said 560kg of frozen food on eight pallets was found to be damaged, spoiled, or expired. 'The total value of the seizure is RM1,932,253, including the freezer,' he added. He said the operations team handed over both suspects and the frozen food seized to the Kota Kinabalu Health Office enforcement division for further action. The case is being investigated under the Food Act and Regulation 38 of the Food Hygiene Regulations 2009.
