Both gold and silver rose in New Delhi on Wednesday on sustained buying by stockists amid a firming global trend. While gold advanced by R150 to R30,330 per 10 grams, silver gained R150 to R55,600 per kg. In New York, gold rose by $21.10 to $1,614.70 an ounce and silver by 1.52% to $29.43 an ounce. On the domestic front, gold of 99.9% and 99.5% purity advanced by R150 each to R30,330 and R30,130 per 10 grams, respectively. It had gained R280 yesterday. Sovereigns held steady at R25,300 per piece of 8 gm. Silver ready rose further by R150 to R55,600 per kg and weekly-based delivery by R315 to R54,165 per kg.
'Record edible oil imports'
Cooking oil imports by India, the worlds biggest palm oil buyer, will probably climb to a record this year as demand outstrips supplies, said Adani Wilmar. Futures in Malaysia climbed for first time in six days. Purchases in the year through October are set to exceed 9.98 million metric tonne in 2011-2012, according to Atul Chaturvedi, CEO of the countrys second- biggest importer thats 50% owned by Wilmar International. Buying surged 26% in the three months through January, the Solvent Extractors Association of India estimates. Increasing purchases may trim inventories in Malaysia and Indonesia, the largest producers, and bolster benchmark futures in Kuala Lumpur.