Gold rebounds on fresh buying; silver plunges
Gold prices recovered by R270 to R31,370 per 10 gm on fresh buying by stockists despite a weak global trend. However, silver plunged by R970 to R53,330 per kg on reduced offtake by industrial units and coin makers amid a weak global trend. Traders said fresh buying by stockists to meet the festive season demand mainly led the recovery in gold prices. Gold in London, which normally set price trend on the domestic front, fell by 0.8% to $1,375.71 an ounce and silver by 1.9% to $23.26 an ounce. On the domestic front, gold of 99.9% and 99.5% purity recovered by R270 each to R31,370 and R31,170 per 10 gm respectively, after losing R625 yesterday.Sovereign held steady at R25,200 per piece of eight gram in limited deals.
Guargum futures hit upper circuit of 4% on heavy buying
Guargum prices hit a daily upper limit of 4% in futures trade on Tuesday on frantic buying by speculators driven by
firm export, as well as domestic demand against tight stock positions. Marketmen said the guargum remained in keen demand due to strong export demand driven by weak rupee against the dollar. Restricted supply from growing regions also boosted the trading sentiments, they said. At the NCEX, guargum prices for October surged by 4%, or R790 at R20,700 per quintal with an open interest of 1,852 lots.