MUMBAI 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:
(Reporting by Siddesh Mayenkar; Editing by Aradhana Aravindan)
Trending On Reuters
State Bank of India, the nation's top lender by assets, posted better-than-expected quarterly bad debt levels on Friday and said it now expected an improvement, a long-awaited sign of easing pressure that helped its shares jump over five percent. Read | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article