Bizbits — Gold prices shoot up

MUMBAI: Gold prices shot up by Rs 70 to close at Rs 4085 per 10 gram on the bullion market today due to heavy seasonal buying amidst restri...

MUMBAI: Gold prices shot up by Rs 70 to close at Rs 4085 per 10 gram on the bullion market today due to heavy seasonal buying amidst restricted arrivals. Higher London advices also helped the steep hike in prices, traders said. Silver also closed better at Rs 8325 on good industrial support.

Standard gold opened higher at Rs 4040 and shot up to settle at Rs 4085 from the last close of 4015. 22-carat gold was nominally quoted higher at Rs 3780 from the last close of Rs 3715, while ten-tola gold bar of .999 purity shot up by Rs 800 to end at Rs 47,800 as against yesterday’s close of Rs 47,000.

Ready silver of .999 fineness closed at Rs 8325, raw silver of .916 fineness at Rs 8225 and tenderable silver at Rs 8330, gaining Rs 5 each over the last close of Rs 8320, Rs 8220 and Rs 8325 respectively.

UTI scheme

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MUMBAI: The Unit Trust of India (UTI) is proposing to launch yet another scheme, UGS 10000, in the series of Unit Growth Schemes (UGS). UTI proposes to offer units of the scheme exclusively to holders of UGS 2000 and UGS 5000 initially. The executive committee of the trust is meeting on Monday to consider the launch of this scheme.

Hutti gold mines

BANGALORE: The Hutti Gold Mines Company Ltd (HGML), one of the country’s premier gold producing companies, has decided to lift its lockout declared on December 16 following an agreement with the workers here last night.

Under the deal lockout would be lifted from Monday and the management agreed to defer its decision to lay off 684 workmen by three months, HGML CMD, K N Srivastava, told reporters.

The company had declared the lockout after a steep fall in gold prices with its cost of production per10 gram of the yellow metal going up to Rs 4,350 compared to the market price of Rs 3,950, he said.

Public Safety Minister Gary Anandasangaree said the designation gives law enforcement “enhanced powers to combat a group that has instilled fear through violence and intimidation”.

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