Gold prices up in line with world stocks, weaker rupee

MUMBAI Tue Jan 15, 2013 3:18pm IST

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder/Files

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the metal, kept to the sidelines after the harvest festival as prices edged higher in line with global markets and a weaker rupee, traders said on Tuesday.

* 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.

* "Buying is still dull, and there is no real demand," said a dealer with a bullion importing private bank in Mumbai.

* At 3:16 p.m., the most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.34 percent higher at 30,845 rupees per 10 grams.

* Global gold rose 1 percent to top $1,683 per ounce, taking a cue from Federal Reserve comments late Monday that suggested the central bank was in no hurry to withdraw monetary stimulus. The rupee, which traded weaker on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Silver for March delivery on the MCX was 0.84 percent higher at 59,235 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

FILED UNDER:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

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