Gold importers wait for price declines; Fed eyed
Indian gold importers sought bigger price falls on Friday even as the yellow metal extended losses for a fourth session, with traders awaiting US Federal Reserve Chairman Ben Bernanke's speech later in the day for direction.
September 03, 2012 / 18:44 IST
Indian gold importers sought bigger price falls on Friday even as the yellow metal extended losses for a fourth session, with traders awaiting US Federal Reserve Chairman Ben Bernanke's speech later in the day for direction.
* The key gold for October delivery on the Multi Commodity Exchange (MCX) was 0.09% lower at Rs 30,810 per 10 grams, after losing 0.74% in the previous three sessions.* "Demand is slow... everybody is eyeing that statement from Bernanke," said Ketan Shroff, director at Pushpak Bullion, a wholesaler in Mumbai.* The festival and wedding season is now underway in India, the world's biggest buyer of bullion, and will continue till November.* Gold imports to India are likely to fall by as much as 26%, or by 200 to 250 tonnes, in 2012 as record high prices hit consumer budgets.* Silver also edged lower following the yellow metal.* Silver for September delivery on the MCX was 0.22% lower at Rs 56,830 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!
