Snapping a two-day falling trend, gold prices recovered by R30 to R30,430 per 10 grams in the national capital on Wednesday on low-level buying while silver lost R430 to R44,650 per kg on reduced offtake. In Mumbai, gold traded higher at R30,330 per 10 grams and silver traded lower at R44,400 per kg. Traders said buying by retailers for the wedding season mainly led to the recovery in gold prices while silver declined on reduced offtake by industrial units at the prevailing high levels.
Coffee production likely to decline on heavy rainfall
Coffee production in the country is expected to decline this year due to heavy rains, Parliament was informed on Wednesday. “Yes, sir,” minister of state for commerce and industry E M Sudarsana Natchi-appan said in a written reply when asked whether the United Planters Association of Southern India has stated that there will be a drop in coffee production this year. “There is likely to be a drop in coffee production this year. The initial condition of the crop was very good and production post-blossom was estimated at 3,47,000 tonne. However, immediately after the blossom, coffee areas witnessed a long drought period during April-May 2013, which resulted in heavy proliferation of white stem borer, causing a considerable loss to Arabica plants,” he informed the Rajya Sabha.