Gold, silver surge on global cues
Gold prices spurted R180 to R30,980 per ten grams on brisk buying by stockists and retailers for the ongoing marriage season amid a firming global trend. Silver surged by R800 to R 46,000 per kg on increased offtake by jewellery fabricators and coin makers. In Mumbai, gold of 99.9 and 99.5% purity rebounded by R170 and R190 to R30,650 and R30,per ten grams, respectively. Silver jumped by R1,050 to R46,800 per kg. Traders said sentiments bolstered as stockists and retailers remained net buyers to meet the ongoing marriage season demand amid a firming global trend where gold traded above $1,300.
Brent eases towards $108 a barrel
Brent crude eased towards $108 a barrel on Friday as downbeat US economic data outweighed supply disruptions in Libya and Angola. An unexpected drop in US retail sales in January and a spike in weekly jobless claims have raised doubts over growth in the world’s biggest economy and undermined expectations of higher global oil demand growth this year. “Prices have pulled back this morning as the weaker demand outlook in the United States and softening producer prices in China leave investors struggling with direction,” said Kash Kamal, a research analyst at Sucden. Oil forecasters, however, remain optimistic about global oil demand growth.
