Gold importers book deals for weddings

MUMBAI Wed Jan 16, 2013 3:17pm IST

An employee displays gold necklaces at the 'Gem and Jewellery India International Exhibition 2010' (GJIIE) in Chennai January 23, 2010. REUTERS/Babu/Files

An employee displays gold necklaces at the 'Gem and Jewellery India International Exhibition 2010' (GJIIE) in Chennai January 23, 2010.

Credit: Reuters/Babu/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India booked deals to stock up for the upcoming wedding season as prices continued to trade in narrow ranges. Silver eased after hitting its near one-month crest.

Weddings in India, the world's biggest buyer of the metal, are slated to start later this week and continue until May.

"Wedding season demand is there in the market as prices are in the same range and reasonably accepted in the market," said a dealer with a private bank in Mumbai.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.05 percent higher at 30,860 rupees per 10 grams at 2:39 p.m. Helped by a weaker rupee and global leads, it had hit a high of 30,934 rupees, a level last seen on January 11, earlier in the session.

The rupee, which was weaker on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Gold in the overseas market edged higher towards a near two-week high hit in the previous session on expectations easy global monetary policies will continue.

Silver for March delivery was 0.20 percent lower at 59,342 rupees per kg, after hitting a high of 59,630 rupees, a level not seen before December 20.

(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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

India-China Ties

REUTERS SHOWCASE

LIC on Markets

LIC on Markets

LIC chairman bullish on Indian markets  Full Article 

Infosys-Huawei

Infosys-Huawei

Infosys partners with China's Huawei for cloud-based services  Full Article 

Gold Outlook

Gold Outlook

Gold imports seen up, premiums likely to double on festive buying  Full Article 

Trade Dispute

Trade Dispute

U.S. to press India on trade row during Modi's Washington visit  Full Article 

Fed Policy Meet

Fed Policy Meet

Fed renews zero rate pledge, but hints at steeper rate hike path  Full Article 

Reuters India Mobile

Reuters India Mobile

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