Gold recovers on bargain-buy by traders
MUMBAI (Reuters) - India gold futures recovered partially on Friday from their lowest level in a month as physical traders hunted for bargains to meet wedding season demand, dealers said.
* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.23 percent higher at 27,988 rupees per 10 grams, after hitting a low of 27,730 rupees on Thursday, a level last seen on January 25.
* India, the world's biggest buyer of bullion, consumes about 900 tonnes of the yellow metal annually.
* The contract had shed 3 percent on Wednesday, when investors exited bullion on speculation that central banks might be done with easy monetary policies.
* "There is buying after two days of fall in prices ... people who were on the sidelines are buying now," said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.
* Silver prices edged higher following the yellow metal.
* Silver for April delivery on the MCX was 0.31 percent higher at 58,511 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
- Tweet this
- Share this
- Digg this
A scheduled Supreme Court hearing involving the Sahara conglomerate, whose chief has been in jail over the group's failure to comply with a ruling to repay billions of dollars to investors in outlawed bonds, will not be held on Tuesday. Full Article