Gold bounces on strong retail buying
MUMBAI, 29 JUNE: Gold prices witnessed a sharp rebound after crashing to multi-year lows overnight at the domestic bullion market today on fresh waves of buying by bargain hunters as well as frantic speculative investment demand. The yellow metal has taken a beating spooked by a massive global commodity meltdown following US central bank’s decision to roll back its quantitative easing measures earlier than expected. The metal had lost a whopping Rs 2,010 or 7.41 per cent in the last five-straight trading sessions. Silver also recovered on the back of frantic buying from stockists and speculators. Standard gold of 99.5 per cent purity spiked by Rs 645 to finish at Rs 25,775 per 10 gm from yesterday’s closing level of Rs 25,130. Pure gold of 99.9 per cent purity also spurted by a similar margin of Rs 645 to conclude at Rs 25,910 per 10 gm from Rs 25,265. Silver ready (.999 fineness) shot up by a hefty Rs 1,020 to end at Rs 41,210 per kg compared to Rs 40,190 yesterday. pti

ITC move to employ rag-pickers
BANGALORE, 29 JUNE: Fast moving consumer goods major ITC Ltd today extended its ‘wealth out of waste’ programme to Bangalore by roping in rag-pickers and civic workers to make the city greener by cleaning up its garbage. "As ambassadors of the programme, rag-pickers and civic workers will get at least Rs 3,000 more per month to sustain their livelihood by collecting garbage in 10 civic wards across the city and segregating them for recycling," ITC’s food division chief executive Mr Chitranjan Dar said at a function here ahead of the third anniversary of the ‘National Recycling Day’ on 1 July. ians

Govt moots textile stabilisation fund

HYDERABAD, 29 JUNE: The Centre is planning to create a price stabilisation fund generated by imposing cess on cotton exporters so that prices do not fluctuate in times of fall in production. “Whenever we have to import, due to a fall in production, the price stabilisation fund would ensure stability in prices and fluctuation in prices would not affect the farmers or millers. We would like to speak to farmers and the industry in this regard,” union textiles minister, Mr KS Rao, said here today. Replying to a query, he said the fund can be managed by Cotton Corporation of India. pti