Gold rises on sustained buying, global cues
In a mixed trend, gold prices rose R30 to R30,540 per ten grams on sustained buying by stockists amid a firming global trend. However, silver met with resistance and lost R300 to R44,800 per kg. A similar trend was witnessed in Mumbai, as gold of 99.9 and 99.5% purity strengthened by R15 each to R30,275 and R30,125 per ten grams, respectively while silver declined by R200 to R45,400 per kg. Traders said sustained buying by stockists for the wedding season mainly helped gold prices to gain further ground.
India imports 6.74 million tonne crude from Iran
India imported 6.74 million tonnes of crude oil from Iran during the first nine months of current fiscal, the Lok Sabha was informed on Friday. The imports during April-December are 61% of the
target of buying 11 million tonnes of oil from the Persian Gulf nation in the current fiscal. In a written reply to a question in Lok Sabha, minister of state for petroleum and natural gas Panabaaka Lakshmi said
India imported 13.14 million tonnes of crude oil from Iran in 2012-13, down from 18.11 million tonnes in the previous year. India since last fiscal has cut import of crude oil from Iran after the US and European nations' sanctions made shipments and payments difficult. The US had in November 2013 extended by six-month Iran sanctions waiver to India in exchange for it reducing purchases of Iranian crude oil this year.