Gold prices hover near one-month low

MUMBAI Mon Dec 3, 2012 2:49pm IST

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012.

Credit: Reuters/Krishnendu Halder

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of bullion, continued to stock up on the yellow metal as prices hovered around their lowest level in a month.

* The wedding season is underway in India and will continue until early January. Normally, demand for gold goes up during this period.

* The actively traded gold for December delivery on the Multi Commodity Exchange (MCX) was 0.67 percent higher at 31,310 rupees per 10 grams at 2:45 p.m., not far from Friday's low of 31,040 rupees, a level last seen on November 7.

* "Deals were there in the morning, like last week, as gold prices and the rupee are in supportive mode," said a dealer with a private bullion importing bank in Mumbai. The yellow metal has shed more than 3 percent since November 26.

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

* Global gold posted minor gains on Monday on strength in the euro, but uncertainty about the U.S. budget talks kept bullion's advances in check.

* The most-traded silver for December delivery on the MCX was 0.93 percent higher at 61,872 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

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

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

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