After remaining weak in early trade, gold futures prices recovered by 1.30 per cent to Rs 31,214 per 10 grams on Wednesday, largely on the back of of depreciating rupee which plunged to a fresh low. At the Multi Commodity Exchange, gold for delivery in October recovered sharply by Rs 402, or 1.30%, to R31,214 per 10 grams after dipping to R30,625 in business turnover of 12,268 lots. Similarly, the yellow metal for delivery in December shot up by R370, or 1.20%, to R31,102 per 10 grams in 632 lots. It touched a low of R30,560. Market analysts said sharp rise in gold futures to fresh positions created by speculators after rupee depreciated to record low of 64.53 a dollar before recovering partially to close at 64.11, making imports costlier.
India asks Russia to allow import of its rice
Seeking greater market access for its agriculture products, India on Wednesday asked Russia to lift the temporary suspension on importing rice from the country. The issue came up for discussion during the meeting of commerce and industry minister Anand Sharma and Russian minister of economic development Alexey Valentinovich Ulyukaev on the sidelines of the Asean ministerial meeting in Brunei. Sharma sought resolution over sanitary and phytosanitary (dealing with basic rules for food safety and animal and plant health standards) measures concerning standards of Indian agriculture exports to Russia. “Sharma particularly raised the issue of temporary suspension of rice export,? an official said.