Gold prices tumbled by R520 to R31,300 per 10 gram in the national capital on Thursday on brisk selling by stockists, triggered by a sharp fall in overseas markets. Silver also fell by R850 to R45,600 per kg on poor offtake by jewellers and industrial units. Selling pressure gathered momentum after gold fell in overseas markets as investors weighed the outlook for monetary stimulus before the Federal Reserve releases minutes of its last meeting, traders said. Gold in New York, which normally sets price trend on the domestic front, plunged by 2.54 % to $1,242.30 an ounce and silver by 2.41% to $19.85 an ounce on Wednesday night.
Three more ICDs allowed to export finished leather
The government has permitted exports of finished and tanned leather also through the inland container depots and freight stations at Chennai, Mumbai and Kolkata. Earlier, it was allowed only through the Inland Container Depots (ICDs) of Kanpur and Tughlakabad and sea ports of Chennai, Mumbai (JNPT) and Kolkata. ?Export of finished leather, wet blue and EI tanned leather has been permitted through the ICDs/ Container Freight Stations (CFSs) at Chennai, Mumbai and Kolkata also,? Directorate General of Foreign Trade said in a public notice. The development is expected to help reduce transaction cost for leather exporters.
