Quick view: Gold recovers on low-level buying, firm global trend

Updated: Nov 30 2013, 21:24pm hrs
Gold prices recovered by R105 to R31,320 per 10 gms in the national capital on Friday on revival of buying at existing lower levels amid a firming global trend. Silver prices also rose by R100 to R44,900 per kg on fresh buying by jewellery makers and industrial units. Traders said buying activity emerged for the ongoing marriage season as the metal remained weak in the previous session. They said a firming trend in global markets as signs of demand in China and a weaker dollar further supported the uptrend in bullion. Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.50% to $1,249.90 an ounce and silver by 1% to $19.91 an ounce. On the domestic front, gold of 99.9% and 99.5% purity rose by R105 each to R31,320 and R31,120 per 10 gms, respectively.

Chilli futures hit lower circuit, plunge 4%

Amid weak spot demand, chilli prices moved down by 4% to hit lower circuit at R7,062 per quintal in futures trade on Friday as speculators reduced exposures. At the National Commodity and Derivatives Exchange, chilli for delivery in December fell sharply by R294, or 4%, to hit lower circuit at R7,062 per quintal with an open interest of 6,545 lots. Analysts said subdued demand at spot markets against adequate stocks amid higher supplies mainly weighed on chilli prices at futures trade.