Gold falls on weak demand
Gold prices today fell by R100 to R30,850 per 10 grams in the bullion market in New Delhi due to poor demand at prevailing higher levels and weak global cues. Silver lost R200 to trade at R58,400 per kg on reduced offtake by jewellers and industrial units. Marketmen said stockists’ selling on lack of demand pulled down both gold and silver prices. Gold in global markets, which normally sets the price trend on the domestic front, declined by $2.90 to $1670.30 an ounce and silver by 0.53% to $31.65 an ounce in London. On the domestic front, gold of 99.9% and 99.5% purity fell by R100 each to R30,850 and R30,650 per 10 grams, respectively, while sovereign held steady at R25,350 per piece of 8 grams in limited deals.
Gem exports fall in Dec
India’s gems and jewellery exports dropped 27.5% year-on-year to $2.1 billion in December 2012, due to weak demand in markets such as the US and the EU. Exports stood at $3.02 billion in the same period in the last fiscal, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC). “The demand for gems and jewellery has still not improved in India's major markets like the US and Europe,” a GJEPC official said. The major markets for the country's gems and jewellery include Europe, the US and Hong Kong.