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

Inside the Peshawar school

Inside the Peshawar school

The aftermath inside the Pakistan school where at least 132 students and nine staff members were killed by Taliban gunmen.  Pictures 

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:

Economic Pulse

REUTERS SHOWCASE

Hope for SpiceJet

Hope for SpiceJet

Former SpiceJet owner leading rescue plan: reports.  Full Article 

Oil Prices

Oil Prices

Oil rallies above $60, heads for 4th weekly decline on glut.  Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Reuters Exclusive

Reuters Exclusive

Google aiming to go straight into car with next Android – sources.  Full Article 

Chinese Economy

Chinese Economy

China revises up size of 2013 economy, sees no effect on 2014 growth.  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