Gold, silver slide further in Mumbai on sluggish demand
MUMBAI, 6 JULY: Gold prices weakened further at the bullion market here today due to lack of local buying support amid reduced demand from stockists and jewellers. Silver also slumped on heavy speculative selling coupled with lower industrial off-take. Standard gold of 99.5 per cent purity fell by Rs 40 to finish at Rs 26,150 per 10 gm from Friday’s closing level of Rs 26,190. Pure gold of 99.9 per cent purity moved down by Rs 45 to close at Rs 26,285 per 10 gm from Rs 26,330. Silver ready (.999 fineness) dropped by Rs 385 to end at Rs 41,140 per kg from Rs 41,525 yesterday. On the global front, the shiny metal plummeted by nearly $40 an ounce on heavy speculative sell-off after stronger-than-expected jobs data fuelled worries that the US Fed will start tapering its bullion-friendly stimulus measures. Gold for August delivery lost $39.20 to settle at $1,212.70 an ounce on the Comex division of the NYMEX late yesterday. September silver contract also dropped 96 cents to end at $18.74 an ounce. pti
MCC Chamber&’s plea to minister
KOLKATA, 6 JULY: The state has a tremendous export potential and the present value of exports can be increased manifold. But one of the factors that is acting as a serious constraint is the levy of VAT on the sale of Duty Credit Scrips, which are issued to the exporters to offset many cost advantages, according to the MCC Chamber of Commerce and Industry. In a communication to the West Bengal minister for commerce and industry, Mr Partha Chatterjee, the chamber cited high freight cost, poor infrastructure and high transport cost as the major obstacles to exports from the state. He urged the minister to take effective steps to eliminate VAT on the transfer of Duty Credit Scrips earned by the exporters. sns
United Biotech plan gets green signal
SHIMLA, 6 JULY: The Himachal Pradesh government has allowed life-saving drug maker United Biotech Private Limited to set up its facility in the state at an outlay of Rs 550 crore, an official said here today. The state-level single window clearance and monitoring authority at its meeting here, on Friday, approved two new industrial proposals and 13 expansion proposals of existing units, a government spokesperson said. He said all the proposed investment proposals were of Rs 790.24 crore and would provide employment to 1,805 people. The second new approved proposal was of JCO Agro Fresh Pvt Ltd. With an investment of Rs 21.98 crore, the company would set up controlled atmosphere store for apple and other fruits in Theog area of Shimla district. ians