Gold demand in India rises on price fall

MUMBAI Wed Dec 26, 2012 4:15pm IST

A salesgirl shows a gold necklace to customers at a jewellery showroom in Chandigarh November 11, 2012. REUTERS/Ajay Verma/Files

A salesgirl shows a gold necklace to customers at a jewellery showroom in Chandigarh November 11, 2012.

Credit: Reuters/Ajay Verma/Files

Related Topics

MUMBAI (Reuters) - Gold demand in India, the world's biggest buyer of the metal, rose on Wednesday as prices eased following a drop in the world market and on a firm rupee.

The actively traded gold contract for February delivery on the Multi Commodity Exchange (MCX) was 0.48 percent lower at 30,705 rupees per 10 grams as of 0951 GMT.

"Jewellers are restocking due to price corrections. Most buyers are comfortable with the current price," said a Mumbai-based dealer with a state-run bank.

The rupee, which rose on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Overseas gold slipped in thin trade as uncertainty over whether the United States would be able to avoid a fiscal crisis kept investors at bay, but lower prices spurred buying from jewellers.

The March silver contract on the MCX was down 0.36 percent at 57,520 rupees per kg.

(Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS EXCLUSIVE

REUTERS SHOWCASE

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

Modi In U.S.

Modi In U.S.

Obama, Modi work to deepen improving U.S.-India ties  Full Article | Full Coverage 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Hopeful of Profit

Hopeful of Profit

GM sees first European profit in 2016 after years of losses  Full Article 

Reuters India Mobile

Reuters India Mobile

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