Gold prices hit multi-week high in India
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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Prime Minister Narendra Modi has taken direct control of a project-monitoring body to fast-track investments worth almost $300 billion and revive manufacturing in the country, two officials with direct knowledge of the matter told Reuters. Full Article