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:

Reuters Showcase

FMC-SEBI Merger

FMC-SEBI Merger

Regulatory shakeup could revive commodities markets   Full Article 

Market Eye

Market Eye

Nifty gains after 2015/16 budget focuses on growth, investment  Full Article 

China Interest Rates

China Interest Rates

China to cut benchmark interest rates by 25 basis points  Full Article 

Excise Duty

Excise Duty

Cigarette makers fall after budget hikes excise duty  Full Article 

Import Tax

Import Tax

India to raise import tax on steel to counter China threat  Full Article 

Greek Debt

Greek Debt

Greece seeks negotiations on ECB bond repayment  Full Article 

Economic Survey

Economic Survey

India in "sweet spot" of lower deficits, more growth  Full Article 

GM Corn

GM Corn

Monsanto says GM corn trial in final stage 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