Gold prices jump to 1-month high

MUMBAI Thu Nov 8, 2012 2:27pm IST

Shopkeepers sit inside a traditional Ladakhi jewellery shop in Leh, east of Srinagar, August 12, 2010. REUTERS/Mukesh Gupta/Files

Shopkeepers sit inside a traditional Ladakhi jewellery shop in Leh, east of Srinagar, August 12, 2010.

Credit: Reuters/Mukesh Gupta/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer, refrained from booking new deals as a weaker rupee kept prices in the vicinity of their highest level in a month.

* At 02:08 p.m., the most-active gold for December on the Multi Commodity Exchange (MCX) was 0.37 percent higher at 31,323 rupees per 10 grams, after hitting a high of 31,348 rupees, a level last seen on October 11.

* "The (demand) scenario is dull ahead of festivals due to a sudden spike in gold prices," said a dealer with a private bullion importing bank in Mumbai, adding "seasonal demand will be met by old stocks."

* The festival season in India will peak with Dhanteras and Diwali next week, with weddings also slated to continue till December.

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

* In the overseas markets, gold traded flat below the 2-1/2-week high hit in the previous session after U.S. President Barack Obama was re-elected, as a strong dollar largely put off buyers.

* Silver also traded higher tracking the yellow metal.

* Silver for December delivery on the MCX was 0.48 percent higher at 59,539 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

FILED UNDER:

Fast-tracking Projects

REUTERS SHOWCASE

Oil Prices

Oil Prices

Oil resumes slide after brief rebound on short-covering.  Full Article 

Space Programme

Space Programme

ISRO tests its heaviest space launch vehicle, eyes global market   Full Article 

Coal India Strike

Coal India Strike

Coal India workers threaten five-day strike, stokes output worries  Full Article 

Gold Discount

Gold Discount

Dealers offer gold discount for first time in five months  Full Article 

Lakhvi Granted Bail

Lakhvi Granted Bail

Pakistan court bails man accused of masterminding Mumbai attack  Full Article 

GST Bill

GST Bill

Cabinet clears bill for nationwide goods and services tax.  Full Article 

Aviation Sector

Aviation Sector

Breakingviews: SpiceJet rescue is no fix for India aviation woes.  Full Article 

Global Economy

Global Economy

Fed confident on U.S. growth, opens door wider to rate hike.  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