Gold tumbles below Rs 30,000
Gold prices on Thursday fell below the R30,000 level for the first time in seven months on hectic selling by stockists, triggered by a global meltdown. The precious metal fell by R480 to R29,720 per 10 grams, a level last seen in July 2012. Gold had lost R215 in the last two days. Silver followed suit and dropped by R1,250 to R54,550 per kg, following a loss of R1,050 in the last two sessions, on poor offtake by industrial units and coin-makers. Bullion merchants said the selling pressure gathered momentum minutes after a Federal Reserve meeting showed a debate over the risks and benefits of more stimulus. In Singapore, gold fell by 0.6% to $1,555.55 an ounce, the lowest since July 12, and silver by 0.3% to $28.47 an ounce. In addition, sluggish domestic demand and investors’ flight to equity further dampened sentiment.
Wheat export may rise 23%
India’s wheat exports are likely to grow 23% to 8 MT in the marketing year starting April on strong global prices and surplus domestic supply, says a report. The country had shipped 6.5 MT last year, with the maximum stock exported from government godowns. “Assuming continued exports of wheat from government stocks and export price parity for Indian wheat vis-a-vis other origins, exports during the 2013-14 marketing year are forecast to increase to 8 MT,” the US Department of Agriculture (USDA) said in its latest report.