Quick View: Gold extends gain on firm global cues

Updated: Jan 4 2014, 09:25am hrs
Gold prices maintained an upward march for the third consecutive day by rising R290 to R30,490 per ten grams in the national capital on Friday on sustained buying by stockists amid a firm global trend. Silver also extended its gains by jumping R750 to R45,500 per kg on increased buying by jewellery fabricators and industrial units. Traders said sustained buying by stockists and jewellery fabricators for the wedding season mainly led an upward journey in bullion prices for the third day. On the domestic front, gold of 99.9 and 99.5% purity surged by R290 each to R30,490 and R30,290 per 10 gram, respectively.

Brent crude edges up after heavy fall

Brent crude oil edged back above $108 a barrel on Friday after posting its biggest daily percentage drop in six months in the previous session. Expectations for a rise in Libyan supply and caution ahead of data on US stockpiles capped gains. By 1115 GMT, Brent had risen 33 cents to $108.11, rebounding from a 2.7% drop on Thursday, the largest decline since late June. But the European benchmark was still set for its biggest weekly percentage drop in six months. US crude fell 17 cents to $95.27 and was on track for its sharpest weekly percentage fall since September 2012.