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
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Hong Kong's embattled leader believes protests could last weeks-source
- Ebola outbreaks in Nigeria, Senegal, appear contained: CDC reports
- UPDATE 2-EU-Russia gas duel deepens with Slovakia supply cut
- Obama, Modi work to deepen improving U.S.-India ties
India could run out of a critical medicine in its free HIV/AIDS drugs programme in three weeks due to bureaucratic bungling, a senior government official said, leaving more than 150,000 sufferers without life-saving drugs for about a month. Full Article