Gold tumbles on subdued demand, weak global trend
Gold tumbled by R240 to R30,460 per 10 gm on Wednesday due to selling by stockists amid a weak global trend. Silver also shed R50 to R44,150 per kg due to subdued demand from coin-makers. Marketmen said selling by stockists, triggered by a weak global trend, mainly weighed on gold prices. Besides, low demand from jewellery makers also had a negative impact, they said. Gold in Singapore, which normally sets the price trend on the domestic front, fell 0.20% to $1,252.74 an ounce. On the domestic front, gold of 99.9% and 99.5% purity suffered a setback of R240 each to R30,460 and R30,260 per 10 gm, respectively. Sovereign held steady at R25,200 per piece of eight grams.
Mexico exports first shipment of extra light crude to India
Mexico?s national oil company, Pemex, will export its first shipment of extra light Olmeca crude to India later this month, the company said on Tuesday, as it seeks to expand markets beyond the neighboring US. Pemex’s commercial arm PMI Comercio Internacional will deliver a shipment of 5,00,000 barrels of Olmeca in addition to 1.5 million barrels of heavy Maya crude oil to the Asian nation during the second half of February, a company spokesperson said. Olmeca is Mexico’s most valuable form of crude. The vast majority of Mexican output is heavier crude which is more costly to refine.
