Gold prices steady, importers retreat

MUMBAI Mon Jan 14, 2013 3:28pm 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 importers in India retreated after picking up bargains last week as prices steadied on Monday, when the harvest festival started in the world's biggest buyer of bullion.

* The harvest festival in India is a period during which demand for gold from rural areas goes up due to higher disposable income from sale of agricultural goods. Weddings are also slated to begin later in the month and continue until May.

* "The market is slow compared with the previous week due to the holiday mood," said Ketan Shroff, director with Penta Gold, a Mumbai-based wholesaler. "If prices go down from here, there will be more buying."

* Gold for February delivery on the Multi Commodity Exchange (MCX) was 0.03 percent lower at 30,781 rupees per 10 grams on Monday, as firm overseas leads were offset by a stronger rupee in the domestic market.

* Global gold edged up after a sharp correction in the previous session, buoyed by a stronger euro and physical buying from China. The rupee, which strengthened on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Silver rose 0.44 percent to trade at 58,455 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Documents' Leak

Documents' Leak

India widens oil leaks probe to defence ministry  Full Article 

Jim O’Neill Interview

Jim O’Neill Interview

'India can become world’s fifth-largest economy by decade’s end'  Full Article 

Food Security

Food Security

India will not cut multi-billion dollar food handout programme - PM  Full Article 

Ola's Expansion Drive

Ola's Expansion Drive

Taxi group Ola steps up expansion drive  Full Article 

Sahara Saga

Sahara Saga

Sahara's Grosvenor House hotel in London put up for sale   Full Article 

Suzlon Energy

Suzlon Energy

Suzlon expects to turn profitable in fiscal 2016: chairman   Full Article 

Eicher Motors Stake

Eicher Motors Stake

Volvo selling up to $300 mln worth of Eicher shares  Full Article 

Beef Trade

Beef Trade

Maharashtra clamps down on beef trade through new act  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

Reuters India Mobile

Reuters India Mobile

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