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Gold, silver flare up on global cues
Gold prices rose by Rs 200 to Rs 30,370 per ten grams on brisk buying by stockists for the marriage season amid a firm global trend. Silver prices also jumped by Rs 500 to Rs 45,000 a kg on
increased offtake by jewellery fabricators and industrial units.
A similar trend was noticed in Mumbai as gold of 99.9 and 99.5% purity recovered Rs 125 each to Rs 30,050 and Rs 29,900 per ten gram, respectively, while silver shot up by Rs 600 to Rs 45,850 per kg. Shifting of funds from falling equities to rising bullion also influenced the sentiment to some extent, traders said. Sovereign was steady at Rs 25,100 a piece of eight gram.
Assocham for more copper export sops
Additional export incentives are needed in the fourth quarter of fiscal to boost refined copper shipments and make domestic producers globally competitive, Assocham said on Friday. The refined copper industry, in the past, has witnessed an overall higher production in the fourth quarter as compared to other quarters of the fiscal and the step was needed in order to make domestic refined copper producers competitive in the global scenario, the paper on the industry said.