Gold up on fresh buying
Both gold and silver recovered in New Delhi on Thursday on fresh buying by stockists and retailers for the wedding season amid a firming global trend. While gold rose by Rs 150 to R31,000 per 10 grams, silver gained Rs 400 to Rs 58,800 per kg on increased offtake by jewellers and coin-makers. Besides, a weak equity market forced some investors to pull out their funds and shift to bullion.
China’s 2012 gold output up 12%
China’s gold production rose for a sixth consecutive year and hit a record 403 tonne in 2012, keeping its ranking as the world’s largest bullion producer, the Shanghai Securities News said on Thursday. Compared to a year ago, gold production was up 11.7%, the paper said, citing data from China’s Gold Association. The country overtook South Africa as the world’s top bullion producer in 2007.
Food prices stabilise in January
World food prices stabilised in January after falling in the last three months as a rebound in oils’ prices offset declines in cereals and sugar, the FAO said on Thursday. The FAO Food Price Index, which measures monthly price changes for a basket of cereals, oilseeds and dairy, averaged 210 points in January, unchanged from December.