Gold and silver bounced back in New Delhi on Tuesday on brisk buying by stockists, driven by a firm global trend. While gold rebounded by R280 to R30,180 per 10 grams, silver surged by R1,700 to R55,450 per kg. Gold in global markets advanced 0.3% to $1,598.55 an ounce while silver was up 0.2% to $ 29.07 an ounce in Singapore. In addition, shifting of funds from weakening equity to rising bullion also supported the uptrend. On the domestic front, gold of 99.9% and 99.5% purity rebounded by R280 each to R30,180 and R29,980 per 10 grams, respectively. It had lost R160 yesterday. Sovereign remained steady at R25,300 per piece of 8 grams in limited deals.
Mistry bearish on palm oil
Palm oil probably will drop this year after Asian producers boosted acreage and global oilseed supplies rose, said Dorab Mistry, a Godrej International director whos traded the commodity for more than 30 years. Prices fell, erasing this years gain. The expansion of palm estates will increase output, while bad weather that disrupted soybean supplies in 2012 will prompt farmers to ramp up harvests this year, said Mistry, who is scheduled to speak next week at an annual palm conference in Kuala Lumpur arranged by Bursa Malaysia Bhd. Malaysia is the worlds largest supplier after Indonesia.