Gold prices nudge up on demand, rupee flip-flop
NEW DELHI (Reuters) - Gold prices in India, the world's biggest buyer of bullion, edged up on Tuesday, buoyed by wedding season demand and as the rupee gave up all earlier gains against the dollar in intra-day trade.
* At 2:01 p.m., the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.33 percent higher at 31,803 rupees per 10 grams.
* The rupee, which flip-flopped against the dollar on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* "It should be a rangebound market. I do not see the physical market crossing the 32,500 level soon," said a dealer with a private-sector bank.
* The ongoing wedding season will taper off in December.
* Overseas gold traded steady on Tuesday following its biggest one-day rise in two weeks, supported by hopes of a U.S. solution to its fiscal problems and Middle East tension, but weighed down by a firmer dollar as a result of France's rating downgrade.
* Silver also rose on Tuesday. Silver for December delivery on the MCX was 0.40 percent higher at 61,841 rupees per kg.
* Bullion spot prices were unavailable on Monday as some sections of the market were closed in the main trading area of Zaveri Bazaar in Mumbai, following the death of a key regional political party leader in the western Indian city over the weekend.
(Reporting by Malini Menon; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
Indian drugmakers are fleeing a regulatory morass at home and moving some research and development to Europe and the United States as try to boost margins by producing high-value drugs. India's $15 billion a year pharma industry is already reeling from a string of drug recalls and quality control issues which have called into question the regulator's oversight. Full Article
Adani buys Australia coal mine royalty rights from Linc for $145 million Full Article