Gold prices near 10-week low, importers stock up

MUMBAI Mon Nov 5, 2012 5:27pm IST

A woman touches a gold necklace at a jewellery store in Allahabad October 17, 2008. REUTERS/Jitendra Prakash/Files

A woman touches a gold necklace at a jewellery store in Allahabad October 17, 2008.

Credit: Reuters/Jitendra Prakash/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India stocked the yellow metal in the week preceding key festivals as prices hovered near their lowest level in more than 10 weeks, helped by a weaker rupee and firm world markets.

The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.54 percent higher at 30,664 rupees per 10 gram, not far from Friday's low of 30,366 rupees, a level last seen on August 14.

"Business is good as people are comfortable with these rates," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in Kolkata.

"If rates remain steady up to Diwali, we could see good sales."

Gold buying will peak in India, the world's biggest buyer of the metal, during Dhanteras and Diwali next week. Weddings will also take place during this period.

The rupee, which weakened on Monday, plays an important role in determining the landed cost of the dollar-denominated yellow metal.

In the overseas market, gold nudged a touch higher, paring falls after stronger-than-expected U.S. jobs data sent the yellow metal to a two-month low in the previous session.

Silver also edged higher following the yellow metal.

Silver for December delivery on the MCX was 0.43 percent higher at 57,847 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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

REUTERS SHOWCASE

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

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