Gold prices continued to slide for the third day in a row by tumbling R340 to R31,340 per ten grams in New Delhi on Thursday on sustained selling by stockists on sluggish demand amid a weak global trend. Silver also fell by R435 to R61,000 per kg on reduced offtake by industrial units and coin manufacturers. Sentiment remained bearish on reduced offtake by stockists who adopted a wait-and-watch policy and expecting more corrections in the prices. A weakening global trend further pulled down the precious metal prices as gold dropped to near a one-month low after a stronger dollar damped demand for commodities. The gold in overseas markets, which normally set price trend on the domestic front, fell 0.4% to $1,687.15 an ounce in Singapore.
BP, RIL win Egyptian crude oil supply contracts for 2013
Reliance Industries and Britain's oil major BP have emerged as the main winners of Egypt's crude oil supply tenders for 2013, traders said on Wednesday. Reliance won the bulk of cargos on offer from Egypt's Ras Gharib terminal, winning just under 1.5 million tonnes of the heavy sour grade crude or 18 cargoes in 2013, two of the trading sources said. BP followed, winning around 1.2 million tonnes of Gharib crude, or about 15 cargoes in 2013, the sources said. Other winners included trading house Vitol, Petraco and Dynacom. A separate supply tender for one 60,000 tonne cargo per month of Egypt's medium-sweet Qarun grade was awarded to Italy's oil and gas giant Eni, the sources said.