A divergent trend was witnessed on the bullion market on Tuesday as gold fell another R280 to R30,400 per 10 grams on sustained selling while silver surged by R1,080 to R45,080 per kg on increased offtake by industrial units. Traders said sustained selling by stockists against sluggish demand pressured gold prices while increased offtake by industrial units and coin-makers led to the surge in silver prices. In the national capital, gold of 99.9% and 99.5% purity fell R280 each to R30,400 and R30,200 per 10 grams, respectively. It had lost R250 yesterday. Sovereign also shed R50 to R25,150 per piece of eight gram. On the other hand, silver ready spurted by R1,080 to R45,080 per kg and weekly-based delivery by R1,140 to 45,580 per kg. The white metal had lost R400 in last trade.
Brent slips below $109 ahead of Fed meeting
Brent oil slipped below $109 a barrel on Tuesday, ahead of a key US Federal Reserve meeting in which the central bank may decide to scale back its massive stimulus programme. The Fed's Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday, and investors are hoping for a better sense of when it may start to reduce its $85 billion-a-month bond-buying programme. A cut in its stimulus would boost the dollar, weighing on dollar-denominated commodities such as oil.