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SummaryGold prices rose by R320 to R31,325 per 10 gm on the back of increased buying by stockists and jewellers for the ongoing wedding season amid a firming trend overseas.

Gold up on global cues

Gold prices rose by R320 to R31,325 per 10 gm on the back of increased buying by stockists and jewellers for the ongoing wedding season amid a firming trend overseas. Silver also shot up by R450 to R59,450 per kg on increased demand from industrial units. Traders said brisk buying by stockists to meet the wedding season demand attributed the rally.

Potato futures fall

Potato prices fell by 4% to hit the lower limit at R808.10 per quintal in futures trade as traders offloaded their positions tracking sluggish demand against increased supply. At the Multi Commodity Exchange, potato for delivery in May plunged by R33.70, or 4%, to hit lower circuit at R808.10 per quintal.

Steel loses on low demand

The country's steel consumption grew by only 3.9% in the first nine months of the current fiscal to 54.8 million tonnes due to subdued demand from the end-users such as construction and automobiles. Finished steel consumption stood at 52.7 MT in April-December period.

Rubber use up 3%

Natural rubber consumption in the country rose by 3% to 7.42 lakh tonnes in the first three quarter of this fiscal. Its production also increased by about 2% to 6.93 lakh tonnes during the same period, Rubber Board data said. India consumed 7.19 lakh tonnes tonnes of natural rubber in the April-December period.

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