Gold buying slows after Akshaya Tritiya

MUMBAI Wed Apr 25, 2012 2:18pm IST

A salesgirl is reflected in a mirror inside a gold jewellery showroom on the occasion of Akshaya Tritiya in Kochi April 24, 2012. REUTERS/Sivaram V/Files

A salesgirl is reflected in a mirror inside a gold jewellery showroom on the occasion of Akshaya Tritiya in Kochi April 24, 2012.

Credit: Reuters/Sivaram V/Files

Related Topics

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)

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

Market Eye

REUTERS SHOWCASE

Climate Change

Climate Change

Climate change to cut South Asia's growth 9 percent by 2100 - ADB.  Full Article 

Ballmer Exits

Ballmer Exits

Ex-CEO Ballmer quits Microsoft board to focus on NBA's Clippers  Full Article 

Brent Prices

Brent Prices

Brent holds near 14-month low on plentiful supply.  Full Article 

A Man's World

A Man's World

Despite lip service, Silicon Valley venture capital still a man’s world.  Full Article 

Needless Spending

Needless Spending

Exclusive - Icahn says Family Dollar wasting over $300 mln in breakup fees .  Full Article 

Reuters India Mobile

Reuters India Mobile

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