Quick View: Gold, silver drop on sell-off by stockists, weak global cues

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SummaryGold prices fell by Rs 65 to Rs 30,365 per 10 grams in the national capital on Thursday

Gold prices fell by RS 65 to R30,365 per 10 grams in the national capital on Thursday as stockists sold the metal in line with a weak global trend. Silver lost R425 to R44,225 per kg on lower offtake. In Mumbai, gold of 99.9% purity traded lower at R29,950 per 10 grams and silver lost R200 to R44,200 per kg on reduced offtake by coin-makers. Gold in London, which normally sets the price trend on the domestic front, declined 1.5% to $1,199.63 an ounce, the lowest since June 28. Silver also fell 2.2% to $19.30 an ounce. On the domestic front, gold of 99.9% and 99.5% purity fell by R65 each to R30,365 and Rs30,165 per 10 grams, respectively.

GST will benefit food processing industry: Pawar

Agriculture minister Sharad Pawar said on Thursday the processed foods industry was facing problems due to the existing tax regime and he hoped the implemen-tation of the proposed GST to benefit the sector. On the growth potential of the non-alcoholic beverages sector, he said major players are planning to invest around $10 billion by 2020 in the segment and advocated reforms at the state level to make the sector globally competitive. "The processed foods industry has some issues with the existing tax structure...I am hopeful the implemen-tation of the proposed single GST will be beneficial for this sector," Pawar said at an event.

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