Gold buying slows after Akshaya Tritiya
MUMBAI (Reuters) - Gold prices in India, the world's biggest buyer of bullion, eased on Wednesday as fatigue set in, a day after Akshaya Tritiya, a key gold-buying festival.
* The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.15 percent at 28,829 rupees per 10 grams, after hitting a two-month high of 28,944 rupees during trade the previous day.
* "Sales have slowed today as the auspicious timings have ended," said Kumar Jain, vice chairman of Mumbai Jewellers Association.
* Sales on Tuesday for Akshaya Tritiya, the second biggest gold buying festival after Dhanteras, are estimated to have fallen by a half to 10 tonnes this year on high prices and as inflation crimped savings.
* Overseas gold held around $1,641 per ounce on Wednesday, underpinned by stronger equities, but investors were also looking for hints of another round of quantitative easing when the U.S. Federal Reserve ends its two-day meeting.
* The Fed is due to release a statement outlining its views on policy and the economy at about 1630 GMT, followed by a news conference by Fed Chairman Ben Bernanke, who is likely to be peppered with questions on the chances of more easing.
(Reporting by Siddesh Mayenkar; Editing by Ranjit Gangadharan)
- Tweet this
- Share this
- Digg this
- Thousands raised to buy car for Pennsylvania sniper's lookalike
- WHO vaccines boss signs up as Ebola trial guinea pig
- UPDATE 4-P&G to exit Duracell battery business; quarterly sales dip
- Two U.S. states to quarantine health workers returning from Ebola zones |
- UPDATE 10-Two U.S. states to quarantine health workers returning from Ebola zones
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article