Gold falls for fourth day on global cues

Updated: Sep 3 2013, 09:13am hrs
Gold prices extended losses for the fourth straight day by losing R325 to R 31,100 per ten grams on stockists selling. However, silver snapped three day of losses and rebounded by R 420 to Rs 54,350 per kg on increased offtake by industrial units and coin makers at existing lower levels and a firming trend in international markets, where it rose 3.7% to $24.38 an ounce. Traders said gold fell on sustained stockists selling at

current levels amid a weakening trend in global markets, which pulled down gold prices.

Guargum prices hit daily upper limit on R slide

Guargum prices hit daily upper limit of 4% to R16,800 a quintal in the future trading owing to frantic buying by traders in line with strong export and domestic demand. Marketmen said rising export demand amid thin supply of guarseed and brisk buying from gum industries in spot markets, mainly pushed up guargum prices. India is the leading exporter and US and Middle East use this product in petroleum and oil field industries. At the National Commodity and Derivatives Exchange,

guargum for October hit daily upper limit of four per cent or R650 to R16,800 per quintal, with an open interest of

2,740 lots. Near November contracts also touched the daily upper limit of 4 %.