Indian gold importers await more price fall from 1-wk high
Gold importers in India, the world's biggest consumer of the metal, awaited bigger price falls for upcoming festivals even as the yellow metal reversed from its highest level in more than a week.
October 11, 2012 / 18:21 IST
Gold importers in India, the world's biggest consumer of the metal, awaited bigger price falls for upcoming festivals even as the yellow metal reversed from its highest level in more than a week.
At 2:45 p.m., the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.22 percent lower at Rs 31,387 per 10 grams, weighed by a stronger rupee amid steady global leads, easing from its highest level in a week of Rs 31,511 per 10 grams, a level last seen on October 1.Also Read: Gold and copper prices to rise further: Sushil Finance The rupee, which strengthened from its highest level in two weeks, plays an important role in determining the landed cost of the dollar-quoted yellow metal.Overseas gold traded steady after dropping more than 1 percent over the last four sessions, although a gloom over the euro zone debt crisis that is supporting the dollar is expected to take some shine off bullion."There are some deals... if prices come down more, sales will increase," said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler based in Kolkata.The festival and wedding season will start picking up in late October and peak next month during Diwali and Dhanteras, traditionally occasions for buying gold.Silver also edged lower following the yellow metal.Silver for December delivery on the MCX was 0.13 percent lower at Rs 62,094 per kg. 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!
