Gold prices on Friday tumbled by R360 to R30,060 per 10 gm, while silver shed R550 on sluggish demand amid weak global cues.
Both the precious metals suffered a setback due to heavy sell-off by stockists on poor demand at prevailing higher levels, and a weak trend in overseas markets, traders said. While gold fell to the lowest level in almost four weeks amid signs of slowing US growth and strengthening of dollar on speculation that European Union leaders will struggle to solve the debt crisis, silver slumped to the lowest level in 19 months. Silver coins followed suit and declined by R3,000 to R59,000 for buying and R60,000 for selling of 100 pieces. In New York, gold dropped 1.8% to $1,550.40 an ounce, the largest decline since June 21.
Palm-oil exports from Indonesia set to advance
Palm-oil shipments from Indonesia, the worlds largest producer, may climb 9.5% in June on sustained demand before the Muslim fasting month of Ramadan. Exports are set to climb to 1.5 million tonne from 1.37 million tonne in May, while output will probably be little changed at 2.1 million tonne, according to the median of five plantation and refining company executives in a Bloomberg News survey. Inventory will also be little changed at 1.85 million tonne, two of the respondents said. Futures lost 17% from a 13-month high in April.