Quick view: Gold snaps 3-day gaining streak; falls R30 on global cues

Updated: Jul 31 2013, 06:32am hrs
After a three-day gaining streak, gold prices slipped by R30 to R28,445 per 10 grams in the national capital on Tuesday as stockists sold at the prevailing high levels amid a weak global trend. However, silver recovered by R345 to R41,345 per kg on increased offtake by industrial units. A weak global trend, on speculations that the central bank may start tapering its stimulus programme in the coming months, also influenced prices. Gold in Singapore, which normally sets the price trend on the domestic front, fell 0.7% to $1,318.26 an ounce. On the domestic front, gold of 99.9% and 99.5% purity fell by R30 each to R28,445 and R28,245 per 10 grams, respectively, after gaining R655 in the last three days. Sovereigns, however, remained stable at R24,400 per piece of eight grams in restricted buying.

Potato futures hit upper limit again on high spot demand

Potato prices hit another daily upper limit of 4% to R751.40 per quintal in futures trade on Tuesday as speculators continued to enlarge their positions, largely supported by a pick-up in spot market demand. At the Multi Commodity Exchange, potato for August contract rose by R28.30, or 4%, to R751.40 per quintal with a trading volume of 302 lots. It had gained 4% yesterday. The delivery for the September contract also traded higher by R26.80, or 4 per cent, to R697.60 per quintal with a business volume of 251 lots.