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Gold, silver slump on low demand
Both gold and silver declined for the third day in a row in the bullion market on subdued demand at prevailing high levels amid a weakening global trend. While gold fell by R100 to R31,400 per 10 grams, silver shed R10 to R59,540 per kg. Traders said lack of demand at prevailing higher levels mainly kept pressure on gold and silver prices. A weak global trend will curb demand for the metal, they added. Gold of 99.9 and 99.5% purity lost R00 each at R31,400 and R31,200 per 10 grams, respectively. The metal has lost R225 in the last two sessions.
EU, Mexico face anti-dumping probe
India has initiated a probe into alleged dumping of a chemical, used in different industries including plastic and construction, by European Union and Mexico following complaints by domestic players. The Directorate General of Anti-Dumping and Allied Duties said it has 'enough' evidence of dumping from European Union and Mexico to initiate an anti-dumping investigation. Unlike the safeguard duty, which is levied in a uniform way, anti-dumping duty varies from country to country. India has initiated 275 anti-dumping probes between 1992 and 2012, involving 42 countries.
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