Both gold and silver fell for the second straight session in New Delhi on Friday due to sustained selling by stockists against lack of buying support and a weakening global trend. While gold plunged by R190 to R31,100 per 10 gm, silver lost R500 to R58,900 per kg owing to reduced offtake. Trading sentiment remained bearish after gold headed for the biggest decline in almost two weeks in global markets as a drop in US jobless claims signalled an improving outlook for economic growth and curbed demand for the precious metal as a safe haven. In New York, gold plunged by $17.40 to $1667.40 an ounce and silver by 1.89% to $31.62 an ounce. In addition, some investors were seen shifting their funds from weakening bullion to rising equity.
Fuel usage forecast for FY13 cut 1%
India has cut its forecast for fuel consumption by about 1% for the current fiscal, which mirrors the slowdown in the economy. In a mid-term review, oil ministry's Petroleum Planning & Analysis Cell (PPAC) trimmed its forecast for fuel consumption to 155.63 million tonne in 2012-13 from the previously projected 157.07 million tonne. It projected a 5.2% rise in fuel demand in the current fiscal.