Gold prices closed unchanged at Rs 31,500 per 10 gram in the bullion market on Thursday, while silver shot up by Rs 850 to Rs 60,250 on buying by stockists amid higher global advices. Traders said lack of buying support at existing higher levels kept gold flat, while increased buying by dealers for the festive as well as the wedding season led to a rise in silver's price. Besides, a firming trend overseas in silver also influenced the sentiment, they said. In Singapore, silver gained 0.8% to $32.49 an ounce, the highest since October 19. Back home, gold of 99.9 and 99.5% purity remained steady at R31,500 and R31,300 per 10 gram, respectively. Sovereigns were also enquired at last level of Rs 25,450 per piece of eight grams on limited deals.
Rice output may fall, says IGC
Rice output in India may slip below last year's record of 104.32 million tonnes, but the supply situation would be comfortable to meet the domestic as well as export demand, according to the IGC. The output is pegged at 99.8 million tonnes for 2012-13 marketing year (October-September) keeping in view poor monsoon, the International Grains Council (IGC) said in its report. However, the projection by IGC is slightly higher than the forecast of other global bodies. UN body Food and Agriculture Organisation (FAO) has estimated rice output at 98.5 million tonnes, while the US Department of Agriculture has projected output at 99 million tonnes in 2012-13 for India, the world's second biggest producer.