Quick view: Gold declines on sluggish demand and global cues

Updated: Jan 24 2014, 08:44am hrs
Gold fell by R30 to R30,170 per 10 gm in the Capital on Thursday due to slackened demand at prevailing higher levels amid a weak global trend. However, silver held steady at R44,500 per kg on lack of buying support from industrial units and coin makers. A similar trend was witnessed in Mumbai as gold declined on fresh selling while silver held steady in limited deals. Gold of 99.9% and 99.5% purity traded lower by R105 each to R29,925 and R29,775 per 10 gm but silver remained unchanged at R45,250 per kg. Traders said weak global trend where gold dropped to a two-week low mainly led to the fall in prices. Gold in Singapore, which normally sets the price trend at the domestic front, fell 0.4% to $1,231.85 an ounce, the lowest level since January 10.

SEA wants further hike in import duty on refined oil

The edible oil industry on Thursday said the recent increase in customs duty on refined edible oils by 2.5% would not help curb imports and demanded further hike in duties to protect the domestic processors. The Cabinet's decision of a meager increase by 2.5% to 10% in customs duty on RBD Olein will not be of much help to Indian domestic refineries and RBD Olein will continue to be imported as before," Solvent Extractors' Association (SEA) chief Vijay Data said in a letter to members. Import duty on crude edible oil is 2.5%. "The present hike will help the industry come out from ICU to hospital ward but will not make the industry healthy," Data said. "I will appeal to the government to create a larger duty difference (between crude and refined edible oils) at least of 10%," he added.