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SummaryGold ended flat at R31,550 per 10 grams in the bullion market on subdued buying interest, while silver lost R350 to R59,650 per kg on reduced demand from industrial units and coin makers.

Gold ends flat, silver falls on poor demand

Gold ended flat at R31,550 per 10 grams in the bullion market on subdued buying interest, while silver lost R350 to R59,650 per kg on reduced demand from industrial units and coin makers. Marketmen said reduced demand from traders as well as retail consumers influenced the prices. Gold of 99.9 and 99.5 per cent purity held steady at R31,550 and R31,350 per 10 grams. Sovereign lacked necessary buying support and shed R50 to R25,450 per piece of eight grams.

Synthetic rubber production up 11% in July

India's synthetic rubber production rose by 11% to 9,871 tonne in July this year, latest Rubber Board data said. The consumption during the month was up by 6% to 38,685 tonne. In July last year, the country produced 8,929 tonne of synthetic rubber, whereas consumption was 36,355 tonne. The consumption by the auto tyre industry rose by 9% to 28,380 tonnes in July from 26,124 tonne in the year-ago period. Imports, however, declined by 24% to 22,775 tonnes from 30,005 tonne in the review period.

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