Gold slips on weak global cues
Snapping a three-day rising streak, gold prices fell by R95 to R31,290 per 10 grams here today due to profit-selling by stockists tracking a weak global trend. Silver also moved down by R350 to R59,400 per kg on reduced offtake by industrial units and coin-makers. Traders said profit-selling at prevailing higher levels on the back of sluggish demand mainly led to fall in gold and silver prices. They said a weak overseas trend also contributed to gold’s fall to one-week low after reports that China’s manufacturing expanding at the fastest pace in two years and the International Monetary Fund said global growth will accelerate this year, curbing haven demand also dampened the sentiment.
MMTC invites bids to export 1.5 LT wheat
India’s state-run trading company MMTC has issued a tender to export 150,000 tonne of wheat for shipments between February 20 and March 31, a company statement said on Thursday. The tender closes on February 14. MMTC has offered to export wheat from the east coast. State-run trading firms have been floating export tenders to ship out wheat from overflowing government warehouses. India is the world’s second-biggest wheat producer.