Gold extends losses; importers watch Fed
Indian gold extended losses on Thursday to trade close to its lowest level in a week, with local importers eyeing Federal Reserve chairman Ben Bernanke's speech that could stoke expectations of a third round of easing.
August 30, 2012 / 14:46 IST
Indian gold extended losses on Thursday to trade close to its lowest level in a week, with local importers eyeing Federal Reserve chairman Ben Bernanke's speech that could stoke expectations of a third round of easing.
* The most-active gold for October delivery on the Multi Commodity Exchange was 0.11% lower at Rs 30,813 per 10 grams, after hitting a low of Rs 30,734 in the previous session, a level last seen on August 24.* Gold importers, who sought to stock for the wedding and festival season, also waited for a bigger fall in prices.* "There is lesser buying as prices are still high," said Lokesh Kumar Agarwal, chairman, Brijwasi Bullion, a wholesaler in Lucknow. He said buying could revive if prices fall to Rs 30,000.* 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 0.23% lower at Rs 57,427 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!
