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)

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