India drags feet on GM mustard permit amid powerful opposition

India has frozen requests to commercially release a locally developed genetically modified mustard, an environment ministry document released on Tuesday showed, amid stiff opposition to lab-altered food from domestic activists and politicians.

The mustard variety would have been the first transgenic food crop to be allowed for commercial cultivation. But the environment ministry's Genetic Engineering Appraisal Committee (GEAC) has deferred approval despite a panel the ministry supervises giving the genetically modified (GM) mustard technical clearance last year.

"Subsequent to receipt of various representations from different stakeholders, matters related to environmental release of transgenic mustard are kept pending for further review," the GEAC said in minutes of a meeting released on the environment ministry's website marked "confidential and restricted circulation".

Cotton is the only GM crop currently allowed to be sold in the world's second most populous country where arable land is shrinking. U.S. company Monsanto Co dominates the cotton seed market in India, and often faces resistance from local companies over its position.

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Gold falls to seven-week low as dollar firms

Gold edged down to a 7-week low on Tuesday, as equities and the dollar were buoyed in Asian trade by upbeat economic data and strong U.S. treasury yields.

Spot gold was down 0.1 percent at $1,269.20 an ounce by 0337 GMT, after earlier touching its lowest since mid-August at $1,267.76.

U.S. gold futures for December delivery shed 0.3 percent to $1,272 an ounce.

"Gold no doubt is struggling for the moment as at least three variables are arrayed against it, namely, a stronger dollar, a higher rate environment and possibly a reduction in tensions with North Korea if tentative contacts revealed over the weekend amount to something," INTL FCStone analyst Edward Meir said in a note.

"We see gold possibly getting to a low of $1,245 before running into some credible support."

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Lead futures dip on subdued demand

Lead futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.

At the MCX, lead futures for September 2017 contract is trading at Rs 152.30 per kg, down by 0.13 per cent, after opening at Rs 151.90, against a previous close of Rs 152.50. It touched the intra-day low of Rs 151.65.

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