Gold prices fall to lowest in a month

MUMBAI Thu Dec 6, 2012 4:19pm IST

A salesgirl shows a gold necklace to customers at a jewellery showroom in Chandigarh November 11, 2012. REUTERS/Ajay Verma/Files

A salesgirl shows a gold necklace to customers at a jewellery showroom in Chandigarh November 11, 2012.

Credit: Reuters/Ajay Verma/Files

Related Topics

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:

Thursday Wednesday

(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

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

Markets

REUTERS SHOWCASE

Segway in India

Segway in India

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