Gold prices slipped from their eight-month high by losing R165 to R31,360 per 10 grams in the national capital on Monday on sluggish demand at the prevailing high levels amid a weak global trend. Silver also declined by R75 to R50,610 per kg on lack of buying support. Traders said sluggish demand at the prevailing high levels and a weak global trend on speculation that some investors may sell the metal, after prices rallied on increased physical demand, mainly led to the decline in gold and silver prices. Gold in London, which normally sets the price trend on the domestic front, lost 0.1% to 1,375.41 dollar an ounce.
On the domestic front, gold of 99.9% and 99.5% purity slipped by R165 each to R31,360 and R31,160 per 10 grams, respectively. It had gained R1,825 in the previous two sessions.
Oil breaches $110 on fall in Libyan exports, unrest in Egypt
Brent crude strengthened above $110 a barrel on Monday as the loss of Libyan oil exports tightened supply and violent unrest in Egypt stoked fears for exports from other oil producers in the Middle East and North Africa. Libya?s oil production and exports have been crippled by violence and strikes, pushing exports to the lowest level since the 2011 civil war, although the country?s largest refinery has reinstated some oil product exports. Brent crude oil futures for October were up 10 cents at $110.50 a barrel by 0930 GMT.