Gold hits 3-year low, set for worst week in 30 years

June 21, 2013

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Singapore, Jun 21: Gold fell to a three-year low on Friday and was in danger of recording its biggest weekly drop in 30 years after the U.S. Federal Reserve said it would wind down its bullion-friendly stimulus later this year.

Spot gold - down nearly 9 percent this week - dropped for the fifth straight session, while Comex gold futures also declined over 1 percent to their lowest in three years.

Fed Chairman Ben Bernanke said on Wednesday the central bank would taper its $85 billion monthly bond buying programme as the U.S. economy was recovering strongly, ending purchases around mid-2014 if economic growth held up.

"What the market is undergoing now is a state of normalization, going back to pre-stimulus times," said Joyce Liu, investment analyst at Phillip Futures in Singapore.

"Since the first stimulus programme in 2009, markets have jumped despite fundamentals not justifying such a spike."

Gold was also hurt by CME Group Inc's move to raise initial margins for Comex gold after prices plunged over 6 percent on Thursday.

The exchange operator raised Comex 100 Gold Futures initial margins for speculators by 25 percent to $8,800 per contract from $7,040.

"That is definitely affecting gold too. For those who cannot put out margin calls on time, they will be squeezed out even when they don't want to get out," said Liu.

Until recently, gold - seen as a hedge against inflation - had gained as the global economy took a hit and central banks acted to boost their economies. Gold touched an all-time high of $1,920.30 in 2011.

Spot gold was down 0.5 percent at $1,271.16 an ounce by 0121 GMT on Friday. The metal fell to $1,269.04 earlier - its lowest since September 2010 and a level which would mark the worst weekly decline in 30 years.

It has lost 24 percent of its value this year, after recording 12 years of gains.

Gold is on weak technical ground and will fall below $1,200 an ounce before finding support, technical analysts said.

UBS lowered its 2013 gold price outlook by 10 percent to $1,440 an ounce, and its 2014 forecast to $1,325 an ounce from $1,625.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.42 percent to 995.35 tonnes on Thursday - the lowest in more than four years.

But the drop in prices could see a spurt in physical demand in top consumers India and China, which have been quiet recently.

However, Liu said the demand would not be as strong as April when gold prices fell the most in 30 years over just two days.

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News Network
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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News Network
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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