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

Related Topics

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)

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

Diplomacy

REUTERS SHOWCASE

Maruti Results

Maruti Results

Maruti Suzuki says profits helped by sentiment, not growth.  Full Article 

Tracking the Monsoon

Tracking the Monsoon

Monsoon turns patchy after revival.  Full Article 

ICICI Profit Up

ICICI Profit Up

ICICI Bank Q1 net profit up 17 percent, beats estimates.  Full Article 

Pharma Sector

Pharma Sector

FDA raises concern over drug production process at Cadila  Full Article 

Coal India

Coal India

Some Coal India mines may be run by foreign firms - minister  Full Article 

Fuel Prices

Fuel Prices

IOC to cut petrol prices by 1.5 pct from Friday  Read 

Economic Pulse

Economic Pulse

India's infrastructure output growth hits 9-month high in June  Full Article | Related Story 

Joint Bid

Joint Bid

ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources  Full Article 

Reuters India Mobile

Reuters India Mobile

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