Gold prices declined by R250 to R30,680 per ten grams in the national capital on Monday reduced offtake by jewellers and retailers at existing higher levels amid a weak global trend. Silver also dropped by R400 to R44,000 per kg on lack of buying support from industrial units and coin makers. Bullion merchants said reduced offtake by jewellers and retailers at existing higher levels and a weak global trend amid speculation that the US Federal Reserve may decide on cutting back asset purchases this week is likely to bring down the demand for the precious metals as a safe haven. Gold in Singapore fell by 0.3% to $1,234.90 an ounce and silver by 0.7% to $19.57 an ounce. On the domestic front, gold of 99.9% and 99.5% purity plunged by R250 each to R30,680 and R30,480 per ten grams, respectively.
Steel consumption grew mere 0.4% during Apr-Nov
Impacted by economic slowdown, India?s steel consumption grew by merely 0.4% to 48.291 million tonne during the April-November period of the current fiscal. According to Joint Plant Committee (JPC), a body under the steel ministry, a sharp decline in imports also led to the fall in consumption. The consumption of finished steel, a key indicator of the health of an economy, was at 48.09 mt in the first eight months of the last fiscal, 2012-13. The Indian economy grew by 4.8% during the July-September quarter. It had hit a decadal low of 5% in 2012-13 on account of poor performance in the farm, manufacturing and mining sectors.
