Gold prices steady near 2-week high

MUMBAI Wed Nov 7, 2012 3:42pm IST

Women admire a gold necklace at a jewellery shop in Chandigarh October 18, 2007. REUTERS/Ajay Verma/Files

Women admire a gold necklace at a jewellery shop in Chandigarh October 18, 2007.

Credit: Reuters/Ajay Verma/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the yellow metal, slowed purchases in the peak festival season as prices steadied near their highest level in more than two weeks.

At 2:53 p.m., the most-active gold for December delivery on the Multi Commodity Exchange was 0.08 percent higher at 31,298 rupees per 10 grams, after hitting a high of 31,393 rupees, nearing a level last seen on October 19.

"Demand has slowed since yesterday afternoon," said Haresh Acharya, head of bullion desk at Parker Bullion, a wholesaler in Ahmedabad, adding "demand is good this year, but not better than last year."

India is in the middle of the festival season, which will peak with Dhanteras and Diwali next week. Weddings will also continue till December.

The country stared at up to 45 percent fall in imports in 2012, though shipments could witness a slight pick-up in the festive December quarter.

Silver futures also traded flat, following the yellow metal.

Silver for December delivery on the MCX was 0.13 percent lower at 59,834 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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

GROUP OF 20

REUTERS SHOWCASE

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

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