Gold price set to surge

     New Delhi: Gold prices, which hit a new high on Tuesday at Rs 8,200 (186 dollars) per 10 grams, are set to surge further in near future. The mid-day 8,200 rupee fix for pure gold in Mumbai on Wednesday, came in above a December 12 figure of 8,145 rupees (185.11 dollars). Abhinav Malhotra, a jeweller in New Delhi attributed the surge to a wide gap between demand and supply. "Consistent demand from America and Western European nations, where people buy 24 carat gold from investment point of view, is why gold prices are going up. Demands have not been able to meet supply, more demand and less supply is the current trend, pushing the gold prices up," Malhotra said, adding that the prices could shoot up to 9000 rupees (205 dollars) mark within a couple of months. "Seeing the current trend, I think gold will touch 9,000 rupees (205 dollars) mark within two or three month's time. It is not far enough," said Malhotra. Gold jewellery forms an important part of marriages in the country, as parents consider gold an auspicious metal and like to buy or give it during religious festivals. "It's my daughter's marriage so we have to follow customs. Marriage is only once in lifetime, (but) we have to spent money on reasonable things," said Seema Malik, a customer. However, prices hold the key to India's passion for gold. Despite being the world's biggest consumer of the yellow metal, India does not directly influence prices, as the gold market is dominated by international sellers and funds. India import more than two-thirds of its annual demand of about 800 tonnes a year to feed the demand for gold bangles, necklaces and hair ornaments. Indian households and temples stock about 15,000 tonnes of gold accumulated over generations. The country has some 300,000 jewellery outlets and 3 million goldsmiths and ancillary workers.

Kumaraswamy fails to reach New Delhi  (Go To Top)

    New Delhi: The Chief Minister-designate of Karnataka, H D Kumaraswamy, could not turn up here today for his scheduled meetings with the top leaders of the Bharatiya Janata Party (BJP). However, the BJP today said that there was nothing to worry about the alliance as "it had nothing to lose". Talking to reporters, BJP leader and Central observer for the State, Venkaiah Naidu said, "There is nothing to worry. We are hopeful of forming a government. In any case, we have nothing to lose." Naidu further said that Kumaraswamy had informed the BJP about his inability to reach Delhi through a friend. Kumaraswamy would come to Delhi and meet BJP leaders "before or after taking oath," Naidu added. "It was his (Kumaraswamy`s) desire (to meet BJP leaders). He has said that he wanted a long-term friendship with the BJP and was for a common minimum programme," Naidu said. As Kumaraswamy is scheduled to take oath on February 3, Deputy Chief Minister-designate B S Yediyurappa, State BJP chief Jagdish Shettar and party's general secretary from the State Ananth Kumar have also rushed to the Capital. He also said that BJP wanted Kumaraswamy to have the "blessings" of his father and the party did not want to get involved in the father-son relationship. While Naidu said a High Court case and a meeting with his father H D Deve Gowda, who has been vehemently opposing the alliance with BJP, were holding Kumaraswamy back, the Chief Minister- designate himself told reporters in Bangalore that he was "a bit tired" after the hectic schedule in the past few days. Earlier in the day, the Karnataka High Court served notices to the Speaker of the Karnataka Assembly and 38 Janata Dal (Secular) MLAs on a petition challenging the Speaker's decision to recognise H.D. Kumaraswamy as the leader of the JD(S) legislature party. Reports said that the crucial court proceedings prevented Kumaraswamy from coming to New Delhi, where he was scheduled to address a joint press conference with the BJP. He was also scheduled to meet former Prime Minister Atal Bihari Vajpayee, Leader of Opposition L K Advani and BJP president Rajnath Singh besides attending a lunch hosted by Naidu.

Tamil Nadu Speaker resigns, opts for party work  (Go To Top)
by Jayakumar

    Chennai: Tamil Nadu Assembly Speaker K Kalimuthu resigned from his post on Wednesday in the wake of reports that he will be assuming a key role in the affairs of the ruling All India Anna Dravida Munnetra Kazhagam (AIADMK). Confirming Kalimuthu's resignation, Assembly Secretary K Rajaraman said that the Deputy Speaker ''Varagur'' A Arunachalam would discharge the Speaker's duties and responsibilities till another person was elected or appointed in Kalimuthu's place. Kalimuthu's resignation comes three days before the AIADMK's General Council meeting in Chennai. He is expected to take up party work ahead of Assembly elections in the state. There are reports that he will be formally appointed as Presidium Chairman of the party, a post now held by Finance Minister C Ponnaiyan. ''You will come to know in the AIADMK General Council,'' was the response of party General Secretary and Chief Minsiter J Jayalalithaa, when newspersons asked whether Kalimuthu has quit the Speakership, to take up the Presidium Chairman post. If Kalimuthu was appointed as Chairman of the party, it would serve another severe blow to Ponnaiyan, who had already been sidelined in party affairs after he ''fell from the grace.'' Another reason for Kalimuthu replacing Ponnaiyan is that the party wants to utilise his ''oratorical skills'' during the campaign for the forthcoming assembly elections. As long as he remained as Speaker, he could only campaign in his own constituency. Kalimuthu, elected from Thirumangalam assembly constituency in Madurai District, was appointed as Speaker when AIADMK came back to power in May 2001. He had represented the assembly during 1971-76, 1977-80, 1980-84, 1985-88 and was Minister Minister from 1977 to 1986. He was a Lok Sabha member from 1989-1991 and had held the posts of of Deputy General Secretary and Presidium Chairman of AIADMK.

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