Quick view: Gold, silver fall for third day in row as stockists offload

Updated: Sep 14 2013, 09:02am hrs
Extending losses for the third straight day, gold and silver prices fell further on Friday on sustained selling by stockists following sluggish demand and a weak global trend. Gold fell further by R50 to R30,750 per 10 grams after losing R570 in the previous two sessions while silver dropped R2,000 to R50,300 per kg, after losing R1,030 in the last two days. Traders said the sentiment remained bearish as gold slumped to a five-week low in overseas markets on speculation that the US Federal Reserve will taper asset purchases. The Goldman Sachs Group predicted further declines for the metal. Gold in Singapore, which sets the price trend on the domestic front, fell 1% to 1,308.18 dollar an ounce.

Darjeeling tea sells for R88,000 at auction in Russia

Evoking great response from the Russian tea industry, a charity auction of Darjeeling tea in Moscow has fetched prices as high as 45,000 ruble (approximately R88,000) per lot of 1.2 kg, the Tea Board said Friday. Darjeeling tea from the Castleton estate won the highest bid of 45,000 ruble ($1,384). A statement from the Tea Board said the second-highest bid was offered by Andrew Barinsky of Russia First real estate industry for Chamong Organic (35,000 ruble equivalent to $1,076). The other teas were also well-received, with prices ranging from $200 to 500 per lot of 1.2 kg.