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
Sensex surges nearly 400 points on energy reform, state elections

Sensex surges nearly 300 points on energy reforms, state elections

The BSE Sensex surges nearly 300 points and the Nifty gains 90 points after the government's energy reforms lead to a rally in energy firms, while wins by Prime Minister Narendra Modi's party in two state elections raise expectations for additional reforms.  Full Article 

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

Asian Markets

Asian Markets

Japanese stocks lead sharp Asia rebound as U.S. data reassures   Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Gold Lower

Gold Lower

Gold eases as dollar, equities recover on strong U.S. data  Full Article 

Health Check

Health Check

Credibility meets compromise in Europe's bank stress test.  Full Article 

Reuters India Mobile

Reuters India Mobile

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