Gold importers wait for price declines; Fed eyed
Sep 03 2012, 18:51 | By Reuters
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.
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