Gold extends losses on poor demand
Despite firm global trend, gold prices extended losses for the second straight day by losing R150 to R31,000 per ten grams due to poor demand. However, silver found some buying support from industrial units and coin makers and recovered by R200 to R59,400 per kg. Traders said poor demand at prevailing higher levels and investors shifting their funds to rising equity and forex markets mainly kept pressure on gold prices.
Tea output up 13% in November
Higher tea production in Assam and West Bengal, major growing areas, helped the country's output of the brew rise by 13% to 114.03 million kg in November 2012, latest Tea Board data said. The country had produced 101.01 million kg in the same month in 2011. Tea production in Assam rose by 25% to 60.41 million kg in November 2012 from 48.30 in the year-ago period, while, the production in West Bengal was up by 8% to 30.02 million kg from 27.77 million kg during the same period. Assam and West Bengal, together account for more than 50% of total tea produced in the country.