Gold prices recover from one-month low

MUMBAI Fri Dec 7, 2012 3:53pm IST

A salesman arranges a gold necklace inside a gold jewellery showroom in Kochi April 16, 2012. REUTERS/Sivaram V/Files

A salesman arranges a gold necklace inside a gold jewellery showroom in Kochi April 16, 2012.

Credit: Reuters/Sivaram V/Files

Related Topics

MUMBAI (Reuters) - Indian gold rose slightly on Friday, recovering partially from its lowest level in a month, but headed for a weekly 1 percent fall as traders stayed on the sidelines, awaiting lower prices.

* The key February gold contract on the Multi Commodity Exchange (MCX) was 0.06 percent higher at 31,245 rupees per 10 grams at 2:18 p.m., recovering from previous session's low of 30,916, the lowest since November 5, helped by a weaker rupee.

* The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* "Demand is not very high today as prices have increased. In the festival (December) quarter there was some revival in demand," said Mayank Khemka, managing director, Khemka Group, a wholesaler in Delhi, adding imports could fall by 30 percent in 2012.

* 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.

* Silver contract for March delivery on the MCX was 0.07 percent higher at 62,486 rupees per kg, steadying near their highest level in more than a week.

(Reporting by Siddesh Mayenkar; Editing by Anand Basu)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye


Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 


Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

Mircosoft Results

Microsoft Results

Microsoft revenue rises, profit falls as Nokia absorbed  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 


Food Scandal

Five held in China food scandal probe, including head of Shanghai Husi Food   Full Article 

Reuters India Mobile

Reuters India Mobile

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