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Updated: Jan 10 2013, 07:30am hrs
Gold drops by R30 on sluggish demand

Gold prices declined by R30 to trade at R31,040 per ten grams in the bullion market due to sluggish demand. Silver, however, recovered by R100 to R58,100 per kg on buying by industrial units and coin makers. Gold of 99.9 and 99.5% purity declined by R30 each to R31,040 and R30,840 per ten grams, while sovereign remained steady at R25,450 per piece of eight gram. Silver recovered by R100 to R58,100 per kg and weekly-based delivery by R85 to R58,325 per kg.

Outlook for domestic steel cos stable

India Ratings said the credit profiles of steel producers reviewed by it are expected to remain stable in 2013 as they will be driven by continued but slow growth in domestic demand. "The demand for steel from automobile, white goods and capital goods will remain muted throughout 2013, given the continued slowdown of Indian economy. Any prolonged deferral of corporate capex due to prevailing high interest rate could further impede growth in steel demand," it said in its outlook for 2013. India Ratings, which is a group firm of global rating agency Fitch and had rated 50 Indian firms belonging to the steel sector, also said that "the majority or 92% of ratings are on stable outlooks and most of them are below IND BBB-.