Gold crashes ahead of festivals

Spot gold prices hit a one year low and slipped below Rs 12,000 per 10 gram in Mumbai while spot gold in London hit a 13-month low of $703.45 an ounce on a wave of long liquidations in the international markets exacerbated by below expected gold sales ahead of Diwali in India, the world’s largest consumer of the metal.

Local gold spot prices fell by 2-3% on Thursday in line with the trends in world markets.Experts said a rising dollar vis-à-vis euro & pound and flight of cashs trapped investors looking to liquidate their position in all commodities pulled down gold.

The euro fell to the lowest in almost two years against the dollar, while the pound traded near its lowest in more than five years. Spot gold traded at Rs 11,640 per 10 gm in Mumbai on Thursday, down by nearly Rs 300 and Rs 11,541 per 10 gm in Ahmedabad,down by Rs 600 per 10 gram over the previous day. On the MCX platform, gold December futures also fell to the day’s low of Rs 11,601 per 10 gram,down by nearly Rs 900 over the previous day.

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Gear up for the beauty parade

Car lover loosen your seat belts! It would be a sparkling Diwali even in Motown this year as leading carmakers gear up to launch new products in the local market, never mind the slump in the autoville from high prices and an impending credit squeeze.

While at the top end, you can get into gleaming beauties like Ferrari, Alfa Romeo, Lexus, Aston Martin and Maserati that are waiting to finally make their Indian debut, at the modestend there would be surprises from players like Maruti Suzuki, Hyundai Motors, Honda Siel and Mitsubishi Motors.

Ferrari's range of cars for the Indian market could be the V8-powered F430 as well as a few of its 12-cylinder cars, including the 620 bhp 599 GTB, which is the fastest 12-cylinder car in the world.

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