Gold prices surged by R430 to R27,480 per ten gram in the national capital today on stockists buying driven by a firming global trend.
After gaining R100 in the previous session, gold shot up as its prices regained $1,400 level after one-week, boosting investor demand for safe haven. Gold price in Singapore, which normally sets price trend on the domestic front, rose 1.3% to $1,411.27 an ounce, the most expensive since May 22. Silver gained 0.5% to $22.59 an ounce. A firming trend was also extended in silver on increased buying by industrial units and coin makers, lifting the pricesby 660 to R44,600 per kg, after losing R60 yesterday.
Coffee output in 2013-14 likely to be same as last years
Coffee production in India is expected to be stagnant at last years level of 5.2 million bags in the 2013-14 marketing year, a USDA report said today. One bag contains 60 kgs. A slight increase in arabica output is likely to be offset by a small dip in robusta production as rising input costs are expected to hit yields, the report noted. Indias coffee production in marketing year 2013-14 (starting October) is forecast at 5.2 million bags, similar to the 2012-13 level, the US Department of Agriculture (USDA) said in its report. According to the USDA, Indian producers are gradually shifting to robusta production because it requires less labour and offers higher disease resistance.