Gold extends losses for fourth day

MUMBAI Fri Nov 30, 2012 3:08pm IST

A salesman arranges a gold necklace inside a gold jewellery showroom in Kochi April 16, 2012. REUTERS/Sivaram V/Files

A salesman arranges a gold necklace inside a gold jewellery showroom in Kochi April 16, 2012.

Credit: Reuters/Sivaram V/Files

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MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the metal, continued to pile up bargain stock in view of the wedding season, as prices extended losses for a fourth day to hit their lowest level in two weeks.

* The wedding season is at its peak in India, and will continue until early January. Normally, demand for the yellow metal goes up during this period.

* "There is buying, though it is less than expected," said Haresh Acharya, head of bullion at Parker Bullion, adding "people feel both gold and rupee will come down."

* The actively traded gold for December delivery on the Multi Commodity Exchange (MCX) fell to 31,437 rupees per 10 grams on Friday, a level last seen on November 16, before trading 0.21 percent lower at 31,513 rupees at 0851 GMT as a firm rupee weighed on sentiment.

* The contract has shed 2.41 percent in the previous three sessions.

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

* Gold edged up in the overseas market, but prices were on track for their biggest weekly drop since the start of the month with uncertainty over the crucial U.S. talks to avert a fiscal crisis continuing to hit sentiment.

* Silver for December delivery was 0.30 percent lower at 62,861 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Jijo Jacob)


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