Gold, silver fall on selling by stockists, weak global cues
Gold prices fell by R105 to R30,725 per 10 gram in New Delhi on selling by stockists at the prevailing high levels, triggered by a weak global trend. Silver lost R750 to R46,450 per kg, snapping a five-day upsurge, on reduced offtake by jewellers and industrial units. Traders said a weak global trend, in the wake of gold falling from its six-month high as US economic data beat estimates, further influenced sentiment. Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.7% to $1,357.13 an ounce and silver by 0.7% to $21.05 an ounce. A strengthening rupee also made imports of the dollar-priced precious metals cheaper. On the domestic front, gold of 99.9% and 99.55 purity fell by R105 each to R30,725 and R30,525 per ten gram, respectively.
Tea exports rise 2% to 212 m kg in 2013
Tea exports in 2013 rose a mere 2% to 212 million kg compared to 208 million kg in 2012, according to data by Indian Tea Association (ITA). Production rose 6.6% to 1,200 million kg over 1,126 million kg in the previous calendar year. Imports had fallen in 2013 to 20 million kg from 21 million kilograms in 2012, ITA estimates showed. Consumption in 2013 had increased a marginal 2.6% cent to 926 million kg from 903 million kg in 2012. The average auction prices in 2013 showed a higher trend at R128.27 per kg compared to R125.25 per kg in 2012.