Quick view; Gold, silver fall on selling, global cues

Jan 30 2014, 05:16 IST
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SummaryGold prices decline for the second straight day by losing R140 to R30,360 per ten gram on sustained selling amid a weakening global trend.

Gold prices decline for the second straight day by losing R140 to R30,360 per ten gram on sustained selling amid a weakening global trend. Silver also plunged by R800 to R44,200 per kg on poor offtake by industrial units and coin makers. Traders said sustained selling by stockists in line with a weak global trend, where gold dropped amid expectations that stimulus will be cut further as the US Federal Reserve decides on monetary policy, mainly dampened the sentiment.

Turmeric sees R500 a quintal jump in price

Demand for turmeric is on the rise and prices have registered an increase, trade sources said on Wednesday. Turmeric was at R5,820 a quintal on the last day of 2013. But since then, prices have gone up and the finger variety was sold at R5,960 a quintal and the root variety R 5,469 a quintal,sources said. RKV Ravishankar, president, Erode Turmeric Merchants Association, said the demand has increased and fine variety turmeric is arriving for sale in all the four turmeric markets at Erode. Within a monthís time, turmeric price increased by R500 a quintal and the hybrid price by R1,000. The hybrid was sold at R6.459 a quintal on January 2 and it was sold at R7,400 a quintal on Wednesday.

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