Gold falls for third day on global cues & sustained selling
Gold prices fell for the third-straight day by dropping R255 to R30,425 per 10 gm in the Capital on Thursday on sustained selling by stockists in tandem with weakening global trend. Silver followed suit and lost R540 at R45,700 per kg on poor offtake by industrial units and coinmakers. Traders said the sentiment remained bearish as the Federal Reserve signalled a rise in interest rates while further reducing monetary stimulus, boosting the dollar and curbing demand for the metal. Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.3% to $1,325.66 an ounce and silver traded a tad lower at $20.59 an ounce from 20.61 on Wednesday.
Gold jewellery exports edge up 1% in February
Gold jewellery exports from India edged higher by 1% in February to $718.36 million from a year earlier, an industry body statement said on Thursday. India exported $6.35 billion worth of gold jewellery in the first eleven months from April 2013, down from $11.67 billion, the Gems and Jewellery Export Promotion Council said. India, which is fighting hard to reduce its current account deficit, has brought in measures to restrict imports of gold ó its second-biggest import item after oil ó which affected jewellery exports for sometime. The measures included a rule that said 20% of all the gold shipped in must be turned around and exported as jewellery.