Gold down on weak demand
Both gold and silver fell in New Delhi on Tuesday due to sluggish demand and reduced offtake by industrial units and coin- makers. While gold fell by R15 to R30,400 per 10 grams, silver lost R150 to R56,700 per kg. Gold of 99.9% and 99.5% purity declined by R15 each to R30,400 and R30,200 per 10 grams, respectively. Sovereign, however, held steady at R25,300 per piece of eight grams. In line with a general weak trend, silver ready declined by R150 to R56,700 per kg and weekly-based delivery by R 160 to R56,240 per kg.
Wheat output may hit record
Wheat production in India, the world’s second-biggest producer, may match last year’s record as cooler temperature and winter rains in the main growing regions boost yields, according to a millers’ group. The harvest in the crop year that began on July 1 may equal 94.9 million metric tonne estimated by the government for the 2011-2012 season, Veena Sharma, secretary of the Roller Flour Millers Federation of India, said. The farm ministry estimates output this year to drop for the first time in eight years to 92.3 million tonne after a below- average monsoon.
Temperatures fell in the main wheat-growing areas in India’s northern regions after a spell of rains between February 15 and February 16, said KK Singh, head of the agromet division of the IMD.