Extending its losses for the second straight day, gold dropped by R210 to R31,215 per 10 grams in the national capital on Thursday on sustained selling by stockists amid a weak global trend. Silver prices fell by R480 to R44,800 per kg on reduced offtake by jewellers and coin-makers. Traders said weak demand at the prevailing high levels, and the hunt for correction, mainly kept pressure on gold and silver prices. They said a weakening global trend, after a report showed rising confidence among American consumers, reduced demand for the precious metals as a safe haven. Gold in New York, which sets the price trend on the domestic front, fell by 0.3% to $1,237.90 an ounce and silver by 1.1% to $19.68 an ounce last night.
STC floats export tender for 270,000 t wheat
State Trading Corporation has issued two global tenders to export a total of 270,000 tonne of wheat for shipment between January 4 and February 3, company statements showed on Thursday. The state-run trader is offering 200,000 tonne at Mundra port, on the west coast, and the rest at the southern port of Chennai. The deadline for submission of bids in both the tenders is December 23. Earlier, another state-run trader MMTC offered 100,000 tonne on the east coast in a similar tender. These tenders are part of the country?s move to sell 2 million tonne of the grain from overflowing government warehouses.