Gold prices hit one-week high
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)
- Tweet this
- Share this
- Digg this
- U.S. nurse defies Ebola quarantine with bike ride; negotiations fail
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- PM Modi boots officials out of the first class cabin
- Govt considers ban on e-cigarettes, sale of single smokes
The BSE Sensex and Nifty on Friday rose to their second consecutive record highs. The 30-share Sensex surged as much as 1.52 percent to an all-time high of 27,762.13. The broader Nifty gained as much as 1.49 percent to a record of 8,291.65. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article