Gold flat near 4-week high, spurs scrap selling
Gold prices in India stayed steady, hovering near a four-week high on Thursday, attracting sellers wanting to take advantage of rising prices though physical buying was weak.
July 26, 2012 / 15:28 IST
Gold prices in India stayed steady, hovering near a four-week high on Thursday, attracting sellers wanting to take advantage of rising prices though physical buying was weak.
* At 0905 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.07% lower at Rs 29,817 per 10 grams, not far from the previous day's high Rs 29,867, a level last seen on June 28.* "There is scrap coming in the market, and imports have fallen sharply," said Haresh Acharya, head of bullion desk, Parker Bullion, adding monsoon will play a spoilsport for gold demand this year.* India corners about 20,000 tonnes of scrap in the form of jewellery, bars and coins, and selling is seen with a spurt in gold prices.* Buying remained subdued due to high prices and tight liquidity. Festivals in India, the world's biggest buyer in 2011, will start next month, and continue till November. Weddings will also take place during this period.* Rural areas, which depend on monsoon and agriculture for livelihood, consumes about 60% of the country's imports.* Silver edged lower in line with copper, another industrial metal.* Silver for September delivery was 0.41% lower at Rs 53,233 per kg.* At 1:15 p.m., following were the prices in rupees quoted by HDFC Bank in the spot market: Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
