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
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Air strikes hit Kobani as Kurdish peshmerga prepare to enter
- Europe won't recognise vote in eastern Ukraine, Merkel tells Putin
- India's fiscal deficit in H1 almost 83 pct of full-year target
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article