Gold prices hit multi-week high in India

MUMBAI Fri Nov 9, 2012 4:19pm IST

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder/Files

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of bullion, paused on fresh purchases ahead of key festivals next week, as a weaker rupee helped the yellow metal hit its highest level in seven weeks.

* At 1032 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.93 percent higher at 31,632 rupees per 10 grams, after hitting a high of 31,643 rupees, a level last seen on October 1.

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

* "Sales have slowed as prices jumped after Friday's dip... we are hopeful that sales will start again next week," said Harshad Ajmera, proprietor of Kolkata-based wholesaler JJ Gold House.

* The festive season in India will peak with Dhanteras and Diwali next week, while the wedding season continues until December.

* Overseas gold rose to a three-week high on Friday, on track for its first weekly gain in four, on hopes that U.S. monetary policy would remain loose after President Barack Obama's re-election and as worries about looming fiscal woes boosted bullion's appeal.

* Silver also moved higher following the yellow metal.

* Silver for December delivery on the MCX was 0.91 percent higher at 60,432 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Jijo Jacob)

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

Everest Tragedy

Everest Tragedy

Search ends for missing on Everest, some Sherpas call for shutdown.  Full Article 

Ukraine Crisis

Ukraine Crisis

Deadly gun attack in eastern Ukraine shakes fragile Geneva accord.  Full Article 

Hamilton Wins

Hamilton Wins

Lewis Hamilton wins Chinese GP in Mercedes one-two.  Full Article 

Monte Carlo Masters

Monte Carlo Masters

Wawrinka beats Federer to win Monte Carlo Masters.  Full Article 

Happy Easter

Happy Easter

Pope presides at Vatican Mass leading Catholics into Easter.  Full Article 

Box Office

Box Office

'Captain America' soars again, tops 'Rio 2' to win U.S. box office.  Full Article 

Bollywood

Bollywood

Movie Review: 2 States.  Full Article 

Reuters India Mobile

Reuters India Mobile

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