Gold falls for three days in a row
Gold prices dipped for the third consecutive day in New Delhi on Monday, losing Rs 50 to settle at Rs 30,750 per 10 grams. The fall was mainly on account of sustained selling by stockists, driven by sluggish demand at the prevailing higher levels. Gold has lost Rs 245 in the last two sessions and silver R280. Silver followed suit and lost Rs 395 to Rs 58,305 per kg due to less buying by industrial units.
Turmeric futures hit upper limit
Turmeric prices spurted to hit the daily upper limit of 4% to R6,414 per quintal in futures trade on Monday as speculators enlarged their positions, triggered by reports of lower output after farmers cut the area under cultivation. At the NCDEX, turmeric for delivery in April surged R248, or 4.025% toR6,414 per quintal.
Hike sought in import duty
Vegetable oil industry body SEA wants the government to hike import duty on refined palmolein oil to 10% from 7.5% to curb cheap imports and protect domestic refineries. Recently, the government increased import duty on crude palm oil to 2.5% from zero but kept it unchanged on refined palmolein oil (RBD) at 7.5%.