Quick view: Gold, silver fall on sustained selling and global cues

Updated: Mar 22 2014, 09:34am hrs
Gold, silver fall on sustained selling and global cues

Extending losses for the fourth straight day, gold prices declined by another R95 to R30,330 per 10 gm in the national capital on Friday. Silver followed suit and lost another R500 to R45,200 per kg on lack of buying support from industrial units and coin makers. Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals. Gold in New York, which normally sets the price trend on the domestic front, fell by 0.16% to $1,328.50 an ounce and silver by 1.65% to $20.27 an ounce. On the domestic front, gold of 99.9% and 99.5% purity surrendered R95 each to R30,330 and R30,130 per 10 gm respectively. It had lost R405 in the previous three sessions. Sovereign, however, held steady at R25,200 per piece of 8 gm.

Mentha oil futures hit upper circuit on strong demand

Mentha oil extended gains and prices rose further by 3% to hit the upper circuit at R937.80 per kg in futures trade on Friday as speculators created positions largely driven by strong demand from pharmaceutical industries in the spot markets. At the Multi Commodity Exchange, mentha oil for delivery in April gained R27.30, or 3%, to R937.80 per kg, with a trading volume of 155 lots. Similarly, the oil for delivery in March edged up by R26.90, or 2.99%, to R926.20 per kg, with a business turnover of 409 lots. Marketmen said a firming trend at the spot markets amid restricted supplies from Chandausi in UP, mainly influenced mentha oil prices at futures trade in New Delhi.