Quick View: Gold, silver fall on stockist selling & reduced offtake

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SummaryGold prices on Monday fell by R175 to R30,225 per 10 gm in the national capital on stockists

Gold prices on Monday fell by R175 to R30,225 per 10 gm in the national capital on stockists selling against sluggish demand at higher levels. Silver also lost R280 to R43,670 per kg on redu-ced offtake. Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices. In Mumbai, gold of 99.9% and 99.5% purity traded at R29,850 and R29,700 per 10 gm, respectively, while silver enquired at R44,400 per kg. Strengthening rup-ee against the US currency, which make the dollar-priced precious metal's import cheaper also influenced the sentiment to some extent, they said.

TN hikes price for milk procurement; spares consumers

Tamil Nadu government on Monday announced a hike in the procurement price of milk on account of rise in input costs but decided not to pass on the burden to consumers. CM Jayala-lithaa approved hiking the procurement price of milk supplied to state-run milk distributor Aavin at a meeting. Accordingly, the government revised the procurement price by R3 both for cow's milk and that of buffalo and the decision was taken based on the “just” demand of milk suppliers who sought revision due to escalating input costs including cattle feed and wages, the CM said. The new procurement price for a litre of cow's milk will be R23 and R31 for buffalo's, she said, adding the move will benefit 22.50 lakh milk suppliers. The revision will come into effect from January 1.

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