Gold prices drop to four-month low
MUMBAI (Reuters) - Gold demand in India, the world's biggest buyer of the metal, improved on Friday as prices in the spot market fell to a near four-month low, luring jewellers preparing for the wedding season.
* The yellow metal was trading around 30,638 rupees per 10 grams, the lowest since August 30, in the spot market.
* "Jewellers are active in the market. Investment demand is still weak," said a Mumbai-based dealer with a state-run bank.
* "Gold is trading above 30,000 rupees. If it falls below 30,000 rupees, then we can see a significant improvement in retail demand. Sentiments will change," the dealer said.
* The wedding season will continue till early January and gold is an important gift item at marriages.
* The actively traded gold contract for February delivery on the Multi Commodity Exchange was 0.85 percent higher at 30,740 rupees per 10 grams as of 3:50 p.m., after falling to 30,370 rupees on Thursday night.
* The rupee, which fell nearly 1 percent on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Overseas gold slipped, holding near a four-month low hit in the previous session and on track for its steepest weekly drop since June, as the euro softened and U.S. talks to avoid a fiscal crisis stalled again.
* March silver contract was up 0.98 percent at 57,915 rupees per kg.
(Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)
- Tweet this
- Share this
- Digg this
- Storm to cloak Midwest to Northeast in snow, freezing rain
- CORRECTED-UPDATE 1-Would-be millionaires rush into 2nd-largest U.S. Mega Millions drawing
- Boeing to lease more land in South Carolina for $1 per year
- UPDATE 2-Canada household debt-to-income ratio hits record high
- Insight - In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
The Sensex fell on Friday to mark its biggest weekly fall in nearly a month, as rate-sensitive stocks such as ICICI Bank fell on caution ahead of the RBI's policy review and the U.S. Federal Reserve meet next week. Article
Asia-Pacific M&A volume falls for third consecutive year, deal size grows. Full Article