Gold prices fall to nine-month low RBI eases import curbs

May 22, 2014

New Delhi, May 22: Gold prices tumbled by Rs 800 to hit nine-month low of Rs 28,550 per ten grams in the national capital on Thursday after the Reserve Bank eased import norms.

gold

Besides, sluggish demand and subdued global cues also weighed on the precious metal prices.

Silver in range-bound movements fell by Rs 50 to Rs 41,650 per kg.

Traders said sentiments turned weak on increased offerings by stockists, triggered by the Reserve Bank's decision to ease gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.

There are expectations that the RBI's move would increase gold supplies and reduce prices in the domestic markets, they said.

The Reserve Bank of India (RBI) in July last year had imposed severe restrictions on gold imports in order to check burgeoning current account deficit and sliding rupee.

The central bank had tied imports with exports and prescribed a 20:80 formula. This facility was available to select banks only and other entities were barred from importing the metal.

Globally, gold in New York, which normally sets price trend on the domestic front, fell 0.19% to $1,291.90 an ounce in yesterday's trade.

On the domestic front, gold of 99.9 and 99.5% purity plunged by Rs 800 each to Rs 28,550 and Rs 28,350 per ten ten grams, levels last seen on August 8 last year.

Sovereign, too faced some pressure and lost Rs 100 at Rs 24,800 per piece of 8 gram.

On the other hand, silver ready ruled shed Rs 50 to close at Rs 41,650 per kg while weekly-based delivery lost Rs 210 at Rs 40,990 per kg. Silver coins continued to be asked around previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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News Network
December 19,2025

Mangaluru: The Mangaluru CEN police have arrested a 23-year-old man for allegedly posting provocative and misleading content on an Instagram page named “mr_a_titude”, targeting the Bajpe police.

Mangaluru Commissioner of Police Sudheer Kumar Reddy C H identified the arrested as Abhishek M, a resident of Katipalla in Mangaluru.

A case has been registered at the Bajpe Police Station under Sections 353(1)(c), 353(2), 56, and 57 read with Section 189 of the Bharatiya Nyaya Sanhita (BNS) in connection with the post.

According to police, the accused uploaded a photograph of a hotel on the Instagram page and alleged that accused persons in a murder case under the Bajpe police jurisdiction were being given “royal treatment” by the police, including being served beef meals daily from the hotel.

The post further accused the police of supporting criminals, misusing their authority, and betraying public trust. Police said the content was provocative in nature and aimed at inciting public outrage against the police.

Following the post, a case was registered at the Bajpe police station, and further investigation was transferred to the CEN police station.

Police records indicate that the accused has a criminal history, with multiple cases registered against him, including murder, attempt to murder, assault, and robbery at the Surathkal Police Station, and one case at the Kaup Police Station.

The Commissioner said the accused was traced and arrested using technical evidence.

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News Network
December 15,2025

Udupi, Dec 15: What was meant to be a post-pilgrimage gathering turned tragic in Padukere village of Brahmavar taluk, Udupi district, late Sunday night, when a clash among youths escalated into a fatal assault, leaving one man dead.

The victim has been identified as 30-year-old Santosh Mogaveera, a resident of Padukere.

According to preliminary information, the incident took place during a late-night drinking party involving a group of local youths who had recently returned after completing their pilgrimage to the Sabarimala shrine. An argument reportedly broke out among the group and soon escalated into a violent confrontation.

During the ensuing brawl, Santosh Mogaveera was allegedly assaulted and collapsed at the spot after sustaining serious injuries. He was rushed by local residents to a private hospital in Brahmavar, where doctors declared him dead.

On receiving information, senior police officials, including Brahmavar Circle Inspector Gopikrishna, Kota Police Sub-Inspector Praveen Kumar T, Station ASI Manthesh Jabagoudar, and head constables Pradeep and Ashok, visited the spot and conducted an inspection.

Police have taken four youths into custody in connection with the incident. A case has been registered at the Kota police station, and further investigation is underway to ascertain the exact sequence of events leading to the death.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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