Gold declines on weak global cues
Gold prices eased on the bullion market today on weakening global trends, while silver gained on the emergence of industrial units buying at lower levels. While gold eased by R5 to R31,425 per 10 gm, silver prices improved by R100 to R60,700 per kg. Traders said sentiment in gold turned bearish on falling demand as the wedding season ends, and a weakening of trend in international markets. Market participants said that gold price declined in overseas markets as the dollar’s strength damped demand for alternative investments, countering record investor holdings. On the domestic front, gold of 99.9 and 99.5% purity fell by R5 each to R31,425 and R31,225 per 10 gm, respectively. On the other hand, silver ready rose by R100 to R60,700 per kg and weekly-based delivery by R130 to R61,450 per kg on fresh buying following a steep fall of R600 in the previous session.
Maize remains firm at Rs.12,983 a tonne
Maize prices remained firm at R12,983 per tonne in the last week amid slow and staggered deliveries, according to the US Grains Council. “Corn (maize) moved up on pan India average by 0.3% to R12,983 per tonne. It was higher than last year by 20.7%. The prices offered are higher than the minimum support price in almost all markets by 10.5%,” USGC India representative Amit Sachdev said. In most markets, prices continued to be higher except in Andhra Pradesh where they were stable.