Gold prices fell to a six-week low by losing Rs 330 to Rs 30,870 per 10 gm in the national capital today on heavy selling by stockists, triggered by a meltdown in global markets. Traders said sentiments turned bearish after gold became
the worst performer in six months in overseas markets as the struggle by US lawmakers to reach a budget deal strengthened the dollar and reduced demand for the metal as an alternate investment. Gold’s global prices fell by 0.7% to $1,635.80 an ounce, the lowest price since August 22 and silver by 1.1% to $29.64, the cheapest since August 22 in Singapore. Besides, sluggish domestic demand due to the end of the wedding season further fuelled the downtrend, they said.
Silver followed suit and dropped by R1,550 to R57,750 per kg on poor demand from industrial units and coin makers.
Textile industry seeks easier imports
The textile industry has asked the commerce ministry to ease the process of import of cotton yarn and fabric to help boost exports, which have been hit hard by the global demand slowdown. “Imports of cotton yarn and fabrics should be permitted without licence at a flat fixed customs duty rate,” Apparel Export Promotion Council chairman A Sakthivel
said in a proposal to commerce secretary SR Rao. Bangladesh, Vietnam and Cambodia have achieved phenomenal growth through easy import policy for yarn and fabrics, he said.Gold plunges to below R31,000
Gold prices fell to a six-week low by losing R330 to R30,870 per 10
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