Gold prices hit one-week high

MUMBAI Tue Dec 18, 2012 5:11pm IST

Gold bars are displayed at a gold jewellery shop in Chandigarh May 8, 2012. REUTERS/Ajay Verma/Files

Gold bars are displayed at a gold jewellery shop in Chandigarh May 8, 2012.

Credit: Reuters/Ajay Verma/Files

Related Topics

MUMBAI (Reuters) - Gold wholesalers and importers in India retreated on Tuesday despite the ongoing wedding season as the yellow metal gained for a third session to its highest in a week in line with global markets.

The wedding season in India, the world's biggest buyer of the metal, will continue until early January and gold is an important gift item at marriages.

"Buying is a little slow as people are waiting for a price correction," said Ketan Shroff, director, Penta Gold, a wholesaler in Mumbai.

The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was up 0.34 percent at 31,437 rupees per 10 grams. It hit 31,467 rupees earlier, its highest since December 12. The contract gained 0.5 percent in the previous two sessions.

In the global markets, gold edged higher, hovering around a key resistance at $1,700 an ounce on Tuesday, as investors watched U.S. lawmakers inch towards a deal to avert a fiscal disaster.

Investors also awaited direction from a flat rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Silver also extended gains on Tuesday, trading 0.78 percent higher at 61,965 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

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