Gold prices steady near one-week low

MUMBAI Thu Jan 10, 2013 3:22pm IST

Gold jewellery is displayed in a jewellery shop in Kolkata December 15, 2009. REUTERS/Parth Sanyal/Files

Gold jewellery is displayed in a jewellery shop in Kolkata December 15, 2009.

Credit: Reuters/Parth Sanyal/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the metal, refrained from stocking up as they sought price direction ahead of the wedding and festival season, after prices steadied near their lowest level in a week.

* The wedding season will begin by mid-January and continue until May. Festivals will also take place during this period.

* The actively traded gold for February delivery was 0.04 percent higher at 30,807 rupees per 10 grams, after firm overseas markets outweighed a stronger rupee. The contract hit a low of 30,721 rupees, a level last seen on January 4.

* The rupee, which traded stronger against the dollar, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Gold in the overseas market edged up, with investors eying a key resistance level just above $1,660 an ounce and awaiting a rate decision by the European Central Bank at its policy meeting later in the day.

* "Buying has slowed down considerably since the statements from the finance minister. There is not much of stocking as most of them have already done based on their capacity," said a dealer with a private bullion importing bank in Mumbai.

* India could raise import duty on the yellow metal from the current 4 percent, as part of measures to contain a record high current account deficit. The central bank has also recommended limits on value and volumes of gold imports.

* Silver edged 0.25 percent higher to 58,115 rupees per kg.

(Reporting by Siddesh Mayenkar; 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
People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier.  Full Article | Full Coverage 

REUTERS SHOWCASE

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Read | Full Coverage 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Insider Trading Case

Insider Trading Case

Ex-Goldman director Rajat Gupta to surrender June 17 in insider case.  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

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