Gold prices inch up on wedding season demand

MUMBAI Fri Nov 16, 2012 5:36pm IST

Customers check gold rings inside a gold jewellery showroom in Kochi April 16, 2012. REUTERS/Sivaram V/Files

Customers check gold rings inside a gold jewellery showroom in Kochi April 16, 2012.

Credit: Reuters/Sivaram V/Files

Related Topics

MUMBAI (Reuters) - Gold prices in India, the world's biggest buyer of bullion, rose on Friday, supported by wedding season demand and as the rupee weakened against the dollar.

* At 5:18 p.m., the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.23 percent higher at 31,527 rupees per 10 grams.

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

* "Wedding season demand is underway and is likely to improve further from the last week of November. We expect prices to touch 32,800 rupees by December," said Ghanshyam Nichani, owner of Dhanraj Jewellers in Mumbai.

* The wedding season in India will taper off in December.

* Overseas gold inched down on Friday, heading for a weekly loss of about 1 percent, as festering uncertainty over the outlook for the global economy dragged on prices.

* Silver, however, traded lower on Friday, tracking global cues.

* Silver for December delivery on the MCX was 0.27 percent lower at 60,742 rupees per kg.

(Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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

India-WTO Standoff

India-WTO Standoff

India threatens to derail WTO deal, prompts angry U.S. rebuke  Full Article 

Economic Pulse

Economic Pulse

New govt promises low and stable tax regime for economic revival.  Full Article 

IPO Probe Ends

IPO Probe Ends

Facebook says SEC's IPO probe ends, extending WhatsApp closing date  Full Article 

World Stocks

World Stocks

Goldman Sachs downgrades stocks to neutral for short term  Full Article 

Disappointing Results

Disappointing Results

Amazon's far-reaching ambitions, lack of profits, unnerve investors  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Market Eye

Market Eye

Nifty retreats from record highs on profit taking.  Full Article 

Waning Enthusiasm

Waning Enthusiasm

Markets' post-election enthusiasm lost on consumers.  Full Article 

Reuters India Mobile

Reuters India Mobile

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