Gold snaps 2-day rally, slips on reduced offtake
Snapping two-day gains, gold prices fell by R10 to R32,400 per 10 gm in the national capital on Friday on reduced offtake at existing higher levels amid a weak global trend. Silver also dropped by R750 to R49,450 per kg on lack of buying support from industrial units and coin makers. Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices. Weak global trend, as investors weighed speculation that the US Fed will delay a reduction in stimulus against signs of reduced demand in the world’s biggest consumer — China, also influenced the sentiment, they said. Gold in Singapore fell by 0.5% to $1,340.44 an ounce and silver by 1.2% to $22.42 an ounce.
TN to check spread of banana disease
The Tamil Nadu government on Friday said action is being taken to control the spread of Leaf Spot Disease or ‘Kaanjarai’ disease in banana crops, cultivated mainly in Theni district. “Horticulture department officials and scientists from Tamil Nadu Agricultural University are taking action towards the control of Kaanjarai disease in the banana crop cultivated in Theni district. The disease will be kept under control,” state agriculture minister S Damodaran said in the Assembly. Cumbum legislator N Eramakrishnan (DMK) said the disease is prevalent, especially between October and January every year.