Gold prices fall to lowest in a month
MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the metal, continued booking deals on Thursday as prices fell to their lowest in a month, weighed by a stronger rupee and similar leads from overseas markets.
* 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.
* "Buying is on as people feel prices are good. The wedding demand is expected to continue for another couple of months," said Haresh Acharya, head of bullion desk, Parker Bullion.
* The actively traded contract for February delivery on the Multi Commodity Exchange (MCX) was 0.66 percent lower at 30,992 rupees per 10 grams at 1005 GMT. It had hit 30,982 rupees earlier, the lowest since November 5.
* The rupee, which traded stronger on Thursday, plays an important role in determining the landed cost of the dollar-denominated yellow metal. In the overseas markets, gold edged down on Thursday, holding near a one-month low hit in the previous session.
* Silver for March delivery on the MCX was 0.55 percent lower at 61,981 rupees per kg.
* The following were the prices of gold and silver in rupees at 1:15 p.m. in the spot market, quoted by HDFC Bank:
(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- UPDATE 3-U.S. fines Berkshire over stock deal, Buffett admits mistake
- UPDATE 2-Afghanistan gives NYT reporter 24 hours to leave country
- Islamic State opens new anti-U.S. front with beheading video
- McCain calls for dramatic increase in US airstrikes against Islamic State
- SAFT ON WEALTH-Buffett hoards cash, individuals' holdings hit 14-year low
Some of India's biggest companies are pouring billions of dollars into manufacturing guns, ships and tanks for the country's military, buoyed by the new government's commitment to upgrade its armed forces using domestic factories. Full Article