Gold fell by R200 to R31,425 per 10 grams in the national capital on Wednesday due to sluggish demand at the prevailing high levels amid a weak global trend. Silver also plunged by R510 to R45,280 per kg on lack of buying support from jewellers and industrial units. A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced sentiment, traders said. Gold in New York, which normally sets the price trend on the domestic front, fell by 0.8% to $1,241.58 an ounce and silver by 1.8% to $19.86 an ounce last night. On the domestic front, gold of 99.9% and 99.5% purity fell by R200 each to R31,425 and R31,225 per 10 grams, respectively. It had gained R575 yesterday. Sovereign, however, held steady at R25,300 per piece of eight grams in restricted buying.
Heavy rainfall damages crops in Nashik
Unseasonal rains, accompanied by lighting and thunder, lashed Nashik district, affecting crops and washing away hopes of a good harvest by farmers. Last evening, the rains lasted for an hour at Niphad, Igatpuri, Sinnar, Chandvad and Trimbakeshwar tehsil towns. Besides Nashik city, several villages, including Cehadi, Vadgaon, Pingla, Vinchur Dalvi, Chincholi, Shinde and Vadali bhoi, also experienced showers. The heavy rains have hit crops of grape, onion, tomato and wheat, the report added.
