Both gold and silver gained in the national capital on Friday, driven by fresh buying by stockists amid a firm global trend. While gold surged by R275 to R27,300 per 10 grams, silver gained R295 to R40,730 per kg on increased offtake by jewellers and industrial units. The sentiment was bolstered after gold surged to a three-week high in global markets as Federal Reserve chairman’s comments that stimulus may be maintained spurred demand for the metal. Gold in London, which normally sets the price trend on the domestic front, added 0.3% to $1,287.69 an ounce.
ONGC offers Azeri Light crude via tender for first time
Explorer ONGC Videsh has offered a cargo of Azeri Light crude for the first time via a tender, a document showed on Friday. The company offered a 600,000-barrel cargo to load on August 29-31 from the Ceyhan terminal in Turkey, it said in the document. The tender will close on July 25 while bids will stay valid until a day later.
China’s first gold ETFs raise $261 m, lag expectations
China’s first two newly launched gold exchange-traded funds have raised a total of 1.6 billion yuan ($261 million) in their initial funding round, coming in below expectations due to sliding gold prices and a recent credit-crunch scare.