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
The Wipro campus is seen in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier..  Full Article | Full Coverage 

REUTERS SHOWCASE

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Read | Full Coverage 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

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