Gold, silver tumble on weak demand
Both gold and silver tumbled on increased selling by stockists, following sluggish demand amid a weak global trend. While gold dropped by R270 to R31,410 per 10 gm, silver lost R800 to R61,200 per kg on heavy selling by stockists and industrial units. Trading sentiment turned bearish on stockists clearing their holdings on ending of the current marriage season from December 15 amid a weakening trend in overseas markets.
Free export policy for rice to continue
Commerce minister Anand Sharma on Thursday said the government will continue with the free export policy for rice, wheat and cotton this year. In September 2011, the ban on export of non-basmati rice and wheat was lifted and exports were put on OGL (Open General Licence) due to bumper foodgrains production in the country. “Due to higher production, the government has allowed export of rice, wheat and cotton. This will continue as we have enough supply,” Sharma said while addressing the All India Kisan Coordination Committee.
Crude dependence to be reviewed
India, which has reduced its oil imports from Iran, thereby satisfying US waiver conditions, will take up for review its dependence on Iranian crude oil in the new year, external affairs minister Salman Khurshid said on Thursday. “I think we are well within the structure of US waiver. The bottom line of the conditions of the waiver has been satisfied which is you should not increase dependency on it,” he said on the sidelines of a CII seminar.