Snapping a four-day losing streak, both gold and silver rebounded in the national capital on Wednesday due to buying at the existing low levels. While gold gained R320 to R30,545 per 10 grams after losing R585 in the last four sessions, silver recovered by R390 to R49,330 per kg. Traders said demand for the upcoming festive season and a strong trend in global markets mainly aided the recovery. Gold in New York traded marginally higher by 0.05% to $1,323 an ounce.
Randall Oliphant is new World Gold Council chairman
The World Gold Council (WGC) has appointed Randall Oliphant as its new chairman, who will replace Ian Telfer, it said on Wednesday. Oliphant, the executive chairman of Canadian gold producer New Gold Inc, will head WGC at a challenging time when top consumer India has hardened its stance on gold imports while the US Fed is expected to start curtailing its bullion-friendly stimulus measures later this year. Oliphantís predecessor Telfer was elected chairman in September 2010 and oversaw the development of WGCís partnerships with ICBC in China and Reliance in India, and was at the helm during the success of the SPDR GLD ETF partnership with State Street in the US.