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
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article