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:
  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Tobacco Control

Tobacco Control

India moves toward ban on loose cigarettes to deter smoking   Full Article 

Modi at SAARC

Modi at SAARC

Modi gives Buddha a miss as SAARC leaders flock to Nepal.  Full Article 

Reuters Insight

Reuters Insight

In Modi’s India, green shoots of reform from Rajasthan.  Full Article 

Investing in ETFs

Investing in ETFs

U.S. investors elevate India over other emerging markets  Full Article 

J&K Elections

J&K Elections

Kashmiris turn out to vote as BJP bids for power  Full Article 

Trade Talks

Trade Talks

India, U.S. hold first trade dialogue in four years  Full Article 

Modi's Wife

Modi's Wife

Modi's estranged wife unhappy over round-the-clock security  Full Article 

Global Economy

Global Economy

OECD sees gradual world recovery, urges ECB to do more  Full Article 

Reuters India Mobile

Reuters India Mobile

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