Gold demand in India firm as jewellers stock up

MUMBAI Thu Dec 27, 2012 3:37pm 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, remained strong on Thursday as jewellers were restocking for a key festival, though retail demand was weak.

The actively traded gold contract for February delivery on the Multi Commodity Exchange (MCX) was 0.02 percent higher at 30,704 rupees per 10 grams as of 3:21 p.m.

"Retail demand is still weak, but jewellers are restocking for Pongal festival. They are expecting higher sales during the festival," said Daman Prakash Rathod, director with Chennai-based wholesaler MNC Bullion.

People in Tamil Nadu will celebrate Pongal, a popular harvesting festival, in mid-January.

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

Overseas gold inched down in thin trade on Thursday, with investors keeping a close eye on talks between the White House and Congress to prevent the U.S. economy from plunging into recession next year.

The March silver contract on the MCX rose 0.22 percent to 57,600 rupees per kg.

(Reporting by Rajendra Jadhav; Editing by Sunil Nair)

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 SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

Monsoon Season

Monsoon Season

India's 2014 monsoon ends with double-digit rain deficit .  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

New 'Windows'

New 'Windows'

Microsoft names next operating system 'Windows 10'.  Full Article 

Reuters India Mobile

Reuters India Mobile

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