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

Economic Pulse

REUTERS SHOWCASE

Political Pulse

Political Pulse

100 days of Modi: Good for business, not so good for marginalised groups.  Full Article 

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Best Economy

Best Economy

Swiss economy most competitive once again; EU, U.S., Japan improve.  Full Article 

Power Outage

Power Outage

Mumbai hit by power cuts  Full Article 

Commodities

Commodities

Gold imports, premiums to jump on festive demand - top refiner  Full Article 

Economic Worries

Economic Worries

Pakistan's promises to IMF in doubt as protests sap economy   Full Article 

Islamic Finance

Islamic Finance

Basel III deposit challenge looms over Islamic banks   Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Reuters India Mobile

Reuters India Mobile

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