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

Iron Ore Mining

REUTERS SHOWCASE

Tracking Markets

Tracking Markets

Sensex, Nifty surge to record high; Sesa gains  Full Article 

Rupee Falls

Rupee Falls

Rupee sees worst single-day fall in over a month  Full Article 

TCS-Mitsubishi

TCS-Mitsubishi

TCS, Mitsubishi to form software services company  Full Article 

Deal Talk

Deal Talk

Hero Motor to invest $40 million in Bangladesh joint-venture   Full Article 

Telecom Sector

Telecom Sector

RIL telecoms unit in tower lease pact with ATC  Full Article 

Japanese Economy

Japanese Economy

Japan exports growth slows sharply, keeps pressure on BOJ to act  Full Article 

A Tough Sell

A Tough Sell

Insurance against a China financial crisis  Full Article 

Tyre Debris

Tyre Debris

Bangalore-bound Malaysia Airlines plane turns back after tyre burst on takeoff  Full Article 

Digital Currency

Digital Currency

At Mt. Gox bitcoin hub, 'geek' CEO sought both control and escape  Full Article 

Reuters India Mobile

Reuters India Mobile

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