Gold and silver extend losses on weak global cues
Prices of gold and silver fell for the second day on Wednesday at the bullion market because of sustained selling by stockists amid weak global trends. While gold fell further by R45 to R30,680 per 10 gm, silver declined by R210 to R46,240 per kg on sluggish demand. Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve’s meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said. Gold in Singapore fell by 0.3% to 1,351.16 dollar an ounce and silver by 0.4% to 20.74 dollar an ounce.
India should stop exporting sugar: HSBC
India should stop exporting sugar as in the long term, production is likely to match domestic demand, and its output cost is already higher compared to other countries, a HSBC survey has said. Titled 'Global Agricultural Commodities', it said Brazil is the lowest cost producer of sugar at $17 per pound and the cost in India is almost 40% higher than that. As a result, Brazilian exports of sugar have soared in two decades. "In long term, India should stop exporting. In our long term projections, we believe India's internal sugar consumption will be equal to its production capacity." the survey said. Histor-ically, sugar production in India had been the determining factor for global sugar prices which is not the case now, it said.