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Gold prices lost R210 on Tuesday to slip below the R31,000-mark to R30,790 per 10 grams in New Delhi on heavy selling by stockists, triggered by weak overseas markets. Silver followed suit and dropped by R1,015 to R57,850 per kg on poor offtake by industrial units and coin-makers. The trading sentiment turned bearish after gold fell in global markets to its lowest in more than a month as a strong dollar lowered the demand for the metal. In Singapore, gold fell 0.3% to $1,642.90 an ounce, the cheapest since January 4 and silver by 0.7% to $30.73 an ounce.
Industry sees 20% growth in mustard
Industry body SEA has pegged rape-mustard seed output to increase 20% to 72.62 lakh tonne in 2012-13, slightly lower than the government’s latest estimate of 7.36 million tonne for the same period.
It, however, said that production could touch the target of 100 lakh tonne in the next 3-5 years if high- yielding seeds, especially Gujarat Mustard-3 variety, are made available abundantly. According to Mumbai-based Solvent Extractors Association (SEA), total production of rape-mustard, key rabi oilseed crop, is expected to jump by 12.32 lakh tonne to 71.12 lakh tonne in the 2012-13 crop year (July-June) from 60.30 lakh tonne last year.
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