Ending a five-day-long rally, gold slipped from its four-month high as it lost R125 to R29,700 per 10 grams in the national capital on Wednesday on lack of buying support at the existing higher levels. The precious metal, which had surged after the government decided to increased the import duty on it, lost R125 to R29,700 per 10 grams. The metal had gained R1,485 in the last five sessions. However, silver maintained an upward trend for the sixth day by adding R85 to R46,050 per kg on increased offtake by industrial units. The white metal had gained R4,555 in the last five sessions. Traders said lack of buying by stockists at the prevailing higher levels amid a weak trend in overseas markets mainly pressured gold prices.
Spinners express concern, seek ban on cotton exports
The recent announcement by the Union textile ministry permitting Cotton Corporation of India (CCI) to export, at the fag end of the season, has once again created chaos in the crisis-hit spinning industry. Following the decision, once again prices of cotton have touched new highs, said the South India Spinners Association. Taken aback by the decision, the spinning sector has expressed serious concerns and reminded the textiles ministry of the possibility of a 2011-like situation, which saw closure of a number of mills for the same reason, said K Thirunavukkarasu, president, SISPA.