Gold importers await price direction

MUMBAI Tue Nov 6, 2012 1:53pm IST

A shopkeeper shows gold jewellery to a customer inside his shop in New Delhi June 12, 2008. REUTERS/Danish Ismail/Files

A shopkeeper shows gold jewellery to a customer inside his shop in New Delhi June 12, 2008.

Credit: Reuters/Danish Ismail/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India stayed on the sidelines awaiting price directions ahead of potential policy spin-offs from the U.S. presidential elections.

* At 1:08 p.m., the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was flat at 30,897 rupees per 10 gram.

* "A few stray deals are there since morning as the rupee is the main problem after prices zoomed from Friday's levels," said a dealer with a private bullion importing bank in Mumbai, adding people were closely watching the U.S. presidential elections for its impact on the currency market.

* U.S. President Barack Obama and Republican candidate Mitt Romney are engaged in frantic last-minute campaigns in swing states. A Romney victory may weigh on gold prices as hopes for further monetary easing may dim, hurting prospects for bullion.

* 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.

* Silver also traded on a steady note following the yellow metal.

* Silver for December delivery on the MCX was 0.10 percent higher at 58,635 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

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