Gold down by R10 on weak demand, global trend
Gold prices declined for the second straight day by losing R10 to R31,400 per 10 grams on reduced offtake by stockists amid a weakening trend in the overseas markets. With the drying up demand, silver ended flat at R61,200 per kg. Traders said the gold prices continued to decline on reduced offtake following a weakening trend in overseas markets. They said the gold in overseas markets trading near the lowest level in a week as stalled US budget negotiations overshadowed record investor holdings.
TC, Left oppose norm change for jute bags use
TMC and the Left on Friday joined hands in Lok Sabha to protest dilution of an Act to protect the jute industry even as the government said it was doing its best to protect the interests of those involved in the sector. The government also rejected charges that plastic bags were being encouraged for packaging sugar and food grains. "We as government are committed to protect the (interests) of jute growers... The Minimum Support Price (MSP) for raw jute has been increased this year by 32 per cent to R2,200 per quintal compared to last year," textiles minister Anand Sharma said in reply to a calling attention motion.