Quick view: Gold tumbles on weak global cues, sluggish demand

Updated: Dec 14 2013, 09:14am hrs
Extending losses for the second straight day, gold prices fell by R340 to R30,700 per 10 grams in the national capital on Friday due to a heavy sell-off by stockists in line with a weak global trend. Silver plunged by R1,430 per kg on poor offtake by industrial units and coin-makers. Traders said selling by stockists, in line with a weak global trend amid concerns that the Federal Reserve will reduce its bond buying, hit demand for the precious metal as a safe-haven. Gold in New York, which normally sets the price trend on the domestic front, fell 2.6% to $1,224.90 an ounce and silver by 4.4% to $19.45 an ounce.

Govt fixes toria MSP at R3,020/q for 2013-14

The government on Friday announced a minimum suppport price (MSP) for toria an oilseed crop at R3,020 per quintal for 2013-14 to promote cultivation. Toria belongs to the rapeseed-mustard group. The government has fixed torias MSP slightly lower than the support price of rapeseed-mustard (R3,050 per quintal) for this year. "The MSP of toria of fair average quality for 2013-14 season to be marketed in 2014-15 has been fixed at R3,020 per quintal," an official statement said. The support price of toria has been fixed on the basis of normal market price differentials between toria and rapeseed-mustard. The decision was taken by CCEA in its meeting in October, this year.