Snapping its four-day losing streak, gold prices recovered marginally by R5 to R29,355 per ten grams on revival of
buying at existing lower levels amid a firm global trend. Silver also recovered by R139 to R43,539 per kg on
fresh buying by industrial units. Traders said revival of buying by retailers at existing lower levels led the marginal recovery in gold prices. Firm global trend also influenced the sentiment to some extent, they said. Silver ready also rebounded by R139 to R43,539 per kg and weekly-based delivery by similar margin to R43,039 per kg. It had lost Rs 3,800 in last nine trading sessions.
NCDEX ties up with SBI for pledge finance
NCDEX Spot Exchange, a subsidiary of NCDEX, signed an agreement with the SBI to promote financial inclusion through an electronic pledge facility that will enable farmers and traders to use their goods stored in an approved warehouse as financial assets. “The collaboration will perform the important function of mobilising credit for the agricultural sector by creating secured collateral for banks,” NCDEX MD and CEO Samir Shah said a release. Under the agreement, customers, who want to avail pledge finance, have to deposit their goods in NSPoT-accredited warehouses.