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

Polluted waters of China

Polluted waters of China

Growing cities, overuse of fertilizers, and factory wastewater have degraded China's water supplies to the extent that half the nation's rivers and lakes are severely polluted.  Slideshow 

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

Infrastructure

REUTERS SHOWCASE

Global Trade Deal

Global Trade Deal

Rural votes, old traumas drive India's WTO brinkmanship.`  Full Article 

Tracking Markets

Tracking Markets

L&T slumps after adjusted profit lags estimates  Full Article 

Chopper Deal

Chopper Deal

Finmeccanica settles with Italy prosecutors to end Indian chopper deal probe.  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

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