Gold prices near one-month low
MUMBAI (Reuters) - Gold importers in India booked deals for the peak wedding season as prices stayed near their lowest level in a month, eyeing the key parliament vote on entry of foreign super markets and its impact on the rupee.
The wedding season, which started in September and peaked last month, will continue until early January. Gold is an essential part of gifts during the season in India, the world's top gold buyer.
"Reasonable activity is there at these levels... people are eyeing the FDI retail vote in the parliament, which could lead to appreciation in the rupee, if it goes through," said a dealer with a private bullion importing bank in Mumbai,
People are targeting 30,500 rupees level seen during Diwali or in early November, the dealer said.
The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.16 percent higher at 31,417 rupees per 10 grams at 0925 GMT, recovering partly from previous session's low of 31,345 rupees, the lowest since November 6.
A stronger rupee kept a lid on gains. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Silver for March delivery was 0.69 percent higher at 62,939 rupees per kg, recovering from previous day's low of 62,425 rupees, a level last seen on November 16.
(Reporting by Siddesh Mayenkar; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- Maker of U.S. highway guardrails stops shipments over safety concerns
- Google's Pichai to oversee major products and services
- São Paulo running out of water as rain-making Amazon vanishes
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
- India picks Israel's Spike anti-tank missile over U.S. Javelin - source
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article