Gold prices recover from one-month low
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)
- Tweet this
- Share this
- Digg this
Prime Minister Narendra Modi came to office with a reputation as a business-friendly leader ready to open up one of the world's biggest markets and sweep away the remnants of the country's socialist past. Full Article