Gold loses R250 on poor demand
Gold prices fell by R250 to R31,850 per 10 gm on lack of demand at existing higher levels amid a weak global trend. Silver, on the other hand, held steady at R60,600 per kg on scattered buying by industrial units. Traders said sentiment in gold turned bearish after the metal fell to a two-week low in overseas markets as the dollar rose amid concern that the crisis in Spain is worsening, crimping demand for the metal as an alternative investment.
Synthetic rubber consumption up 3%
India’s consumption of synthetic rubber rose by 3% to 1.13 lakh tonne in the first quarter of the current fiscal, but the production fell by 2% to 27,412 tonne during the period. The country had consumed 1.10 lakh tonne of synthetic rubber in the April-June quarter of 2011-12 fiscal, while the production was 28,009 tonne, Rubber Board said. The consumption by the auto tyre industry rose marginally to 82,449 tonne from 81,404 tonne in the year-ago period.
Monsoon eases as retreat begins
Monsoon rains were 36% below average in the week to September 26, the weather office said on Thursday, as the four-month long rainy season draws to a close with a widespread drought avoided.
The rains were deficient in the first half of the June-September monsoon season, which is crucial for more than half the country’s farmland.