Gold prices hit lowest in nearly two weeks

MUMBAI Thu Nov 29, 2012 2:25pm IST

Customers crowd at a gold jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival in Kochi April 24, 2012. REUTERS/Sivaram V/Files

Customers crowd at a gold jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival in Kochi April 24, 2012.

Credit: Reuters/Sivaram V/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the metal, sprung back in action, accumulating stocks in small quantities, as prices fell to hit their lowest in nearly two weeks.

* Demand for the yellow metal in India during the wedding season, which will continue till early January, generally goes up during this period.

* The actively traded gold for December delivery on the Multi Commodity Exchange (MCX) extended losses for a third straight session. It was down 0.77 percent at 31,657 rupees per 10 grams, weighed down by a stronger rupee.

* The contract had struck a low of 31,590 rupees earlier in the session, a level last seen on November 16.

* "Demand is good as rates are reasonable. People are worried that prices could hit 32,500 in December," said Harshad Ajmera, proprietor of Kolkata-based wholesaler JJ Gold House.

* The rupee, which hit its highest level in a week on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Gold prices in the local market have gained 1.76 percent in November, helped by a weaker dollar overseas following a loose monetary policy stance by the U.S.

* Silver for December delivery fell more than 1 percent to 62,264 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

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

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Fire Accident

Fire Accident

Firecracker market up in flames near Delhi  Video 

Yahoo Result

Yahoo Result

Yahoo ekes out Q3 revenue gain despite display ad weakness  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Reuters India Mobile

Reuters India Mobile

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