Gold tumbles from record high

Gold prices on Thursday fell from record high by plunging Rs 1,575 to Rs 32,325 per ten gram on profit-selling by stockists driven by recovery in rupee amid a weakening global trend.
Selling pressure emerged at existing higher levels as gold climbed to Rs 33,900 after it touched Rs 34,500 per ten gram intra-day yesterday with its biggest ever gain of Rs 1,900 in the backdrop of the rupee hitting record low of 68.85 per dollar.
Besides the rupee recovering to 67.30, some retailers selling old scrap gold further influenced the trading sentiment, traders said.
They said the market also received impact of weakening global trend on optimism the US economic data may reinforce the case for the Federal Reserve to slow stimulus.
Gold in Singapore, which normally set price trend on the domestic front, lost 0.9 per cent to 1,404.88 dollar an ounce and silver by 2.8 per cent to 23.66 dollar an ounce.
Silver followed suit and plunged by Rs 2790 to Rs 55,710 per kg on poor offtake by industrial users and coin makers at higher levels.
On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 1575 each to Rs 32,325 and Rs 32,125 per ten grams respectively. Sovereign lost Rs 200 at Rs 25,300 per piece of eight gram.
Silver ready nosedived by Rs 2790 to Rs 55,710 per kg and weekly-based delivery by Rs 3700 to Rs 55,300 per kg. The white metal had surged Rs 3700 in the previous session.
Silver coins also plunged by Rs 3,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces on poor demand at prevailing higher levels.

Freelander 2 S Business: Cheaper price, brilliant performance

As Indian auto market is witnessing gruesome slowdown, the luxury automakers are steering towards introducing base variants of their heavy-duty vehicles.
Audi adopted this strategy with Q3 SUV and now the luxury auto marquee, Land Rover, has introduced a price-slashed variant of the Freelander 2.
This base variant of the Freelander 2 SUV is christened as Freelander 2 S Business Edition. Priced at Rs 37.63 lakh (ex-showroom, Delhi), the SUV differs significantly from its sibling Freelander 2 SE and HSE.

Market sentiments improve, Sensex surges over 200 points

SI Reporter in Mumbai

Benchmark indices have closed higher, amid volatile trading session led by FMCG and IT shares.

Meanwhile, the Centre's fiscal deficit ballooned to almost 63% of Budget Estimates for 2013-14 in just first four months of the year.

The deficit stood at Rs 3.40 lakh crore (Rs 3.4 trillion) in April-July period, which was 62.8% of Rs 5.42 lakh crore pegged in the Budget, according to data released by the Controller General of Accounts (CGA).

The 30-share Sensex ended up 219 points at 18,620 and the 50-share Nifty ended up 63 points at 5,472.

Prime Minister Manmohan Singh said that the rupee's tumble is a "matter of concern" but is part of a needed adjustment due to India's large current account deficit.

Singh said that rupee depreciation will see upward pressure on inflation, but added that RBI will work on containing it.

Indian economy will grow at about 5.5% in the current fiscal and the first quarter numbers are expected to be relatively flat, Prime Minister Manmohan Singh said today.

The key trigger for markets now will be first quarter GDP data scheduled later today.

Moody's Analytics, the research and analysis wing of Moody’s expects the Gross Domestic Product (GDP) growth for the first quarter to be at 4.5%.

On the global front, Asian stocks rose and oil prices tumbled as a possible U.S. military strike on Syria appeared less likely, while the dollar remained not far from a three-week high against a basket of currencies after upbeat US growth data.
Click NEXT to read further. . .

Infographic: Stock markets during August 2013

The BSE Sensex lost 3.75 per cent in August, its worst monthly performance since February, as worries over foreign outflows were exacerbated by the rupee that fell to record lows during the month.
Benchmark indices closed higher on the last day of August, amid volatile trading session led by FMCG and IT shares.

Meanwhile, the Centre's fiscal deficit ballooned to almost 63% of Budget Estimates for 2013-14 in just first four months of the year.

The deficit stood at Rs 3.40 lakh crore (Rs 3.4 trillion) in April-July period, which was 62.8% of Rs 5.42 lakh crore (Rs 5.42 trillion) pegged in the Budget, according to data released by the Controller General of Accounts.
The 30-share Sensex ended up 219 points at 18,620 and the 50-share Nifty ended up 63 points at 5,472.

Prime Minister Manmohan Singh said that the rupee's tumble is a "matter of concern" but is part of a needed adjustment due to India's large current account deficit.

Govt raises import tariff value of gold

The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
Tariff value -- the base price on which the customs duty is determined to prevent under-invoicing -- of gold and silver stood at $432 per 10 gram and $697 per kg, respectively earlier.
The notification, issued by the Central Board of Excise and Customs, has come two days after when gold prices has touched the new peak of Rs 34,500 per 10 grams in the national capital. The prices of yellow metal has increased by 9 per cent so far in the month of August.
Price of gold today fell and closed at Rs 31,700 per ten grams and silver at Rs 54,000 per kg in the national capital on Friday. However, gold in Singapore, which normally sets the price trend on the domestic front, fell by almost one per cent to $1,393.10 an ounce and silver by 1.34 per cent to $23.55 an ounce.
India, the largest gold consumer in the world, imported 860 tonnes of gold in 2012. In the first four months of the current fiscal, the import rose 87 per cent to 383 tonnes.