Price decline boosts gold, silver offtake
Both gold and silver recovered in New Delhi on Wednesday due to buying at existing lower levels for the ongoing wedding season. Snapping its two-day losing trend, gold recovered by R10 to R30,800 per 10 grams. It had lost R260 in the last two trading sessions. Silver rebounded by R150 to R58,000 per kg on increased offtake by industrial units, after losing R1,015 yesterday. On the domestic front, gold of 99.9% and 99.5% purity recovered by R10 each to R30,800 and R30,600 per 10 grams, respectively. Sovereigns held steady at R25,350 per 8-gram piece.
Oil tanker crew goes on strike
Crew members onboard Iranian oil tanker Crystal have stopped unloading in India’s Mangalore port in protest over non-payment of salaries, three sources said on Wednesday. While it was unclear why the salaries had not been paid, Western sanctions, particularly from the US and the EU, have sliced Iran’s oil revenues and squeezed its financing. India was already paying for almost half of crude purchases in rupees and from February 6, tighter measures have made it tougher for Iran to repatriate any funds from oil sales. Mangalore Refinery and Petrochemicals MD PP Upadhya said six crew members are on strike, although he didn’t give any reason.