Gold prices hover near one-month low
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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
The BSE Sensex and Nifty fell more than 2 percent on Thursday to a more than 10-week low on worries foreign investors, whose ownership of domestic shares have hit a record, may trim positions on risk aversion after Saudi Arabia launched air strikes in Yemen. Full Article