Gold traders stock up ahead of Akshaya Tritiya

MUMBAI Thu Apr 12, 2012 6:12pm IST

A saleswoman arranges gold jewellery inside a showroom in Kolkata September 29, 2010. REUTERS/Rupak De Chowdhuri/Files

A saleswoman arranges gold jewellery inside a showroom in Kolkata September 29, 2010.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

MUMBAI (Reuters) - Gold traders in India, the world's biggest buyer of the yellow metal, stocked up for upcoming key festivals and the ongoing wedding season as prices extended losses for the second straight session.

* The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was at 28,568 rupees per 10 grams, down 0.23 percent from Tuesday's close.

* "Demand is going at reasonable pace as restocking at jewellers level has started just before Akshaya Tritiya," said a dealer with a private bullion importing bank in Mumbai.

* The wedding season is at its peak now, while Akshaya Tritiya, one of the biggest gold buying festivals, falls later this month.

* Buying has been moderate after jewellers called off their three-week strike protesting against an excise levy. A final decision will not be known until May 7 when parliament is expected to consider the 2012/13 budget and any changes would be made public.

* Silver was steady at 56,000 rupees per kg.

At 16:15 p.m., following were the prices in rupees being quoted by the HDFC Bank in the spot market:

Thursday Wednesday

(Reporting by Siddesh Mayenkar; Editing by Aradhana Aravindan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Pharma

REUTERS SHOWCASE

Modi's U.S. Trip

Modi's U.S. Trip

PM Modi to get rock star reception in New York.  Full Article 

Northeast Floods

Northeast Floods

Landslides and floods kill 22 in northeast India.  Full Article 

Food Subsidy

Food Subsidy

India has no plans to increase food handouts - Food Minister Ram Vilas Paswan.  Full Article 

Importing Iron Ore

Importing Iron Ore

JSW Steel to import 10 mln T of iron ore due to local shortage.  Full Article 

Mars Mission

Mars Mission

India's Mars mission a step closer to success with engine test  Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage