Gold extends gains on festive demand, silver falls
Gold prices extended gains for the second straight day by adding R100 to R29,800 per 10 gm on festival demand. Traders said sustained buying for the festive season demand mainly helped gold prices for the third straight day. On the other hand, silver ready fell by R150 to R52,300 per kg and weekly-based delivery by R115 to R52,715 per kg. However, silver coins continued to be asked around previous level of R61,000 for buying and Rs 62,000 for selling of 100 pieces.
Turmeric at contract high on overseas sale & local demand
Turmeric futures in India rose to a fresh contract high on strong overseas sales and improved local demand ahead of the upcoming festivals. At 0830 GMT, the August turmeric contract on the National Commodity and Derivatives Exchange (NCDEX) was up 2.84% at R6,092 per 100 kg, after hitting a contract high of R6,162.
Sugar prices surge to record high on festive demand
The wholesale sugar prices shot up by R200 per quintal to touch this year’s highest level of R3,860 per quintal following brisk buying by stockist and bulk consumers amid restricted supply from mills. Marketmen said lower-then-expected sugar quota released for July-September quarter amid strong festivals demand mainly led to the rise in prices.