Indian gold importers await price direction

MUMBAI Wed Feb 6, 2013 5:49pm IST

A goldsmith checks a gold necklace at a workshop in Kolkata in this April 11, 2012 file photo. REUTERS/Rupak De Chowdhuri/Files

A goldsmith checks a gold necklace at a workshop in Kolkata in this April 11, 2012 file photo.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India awaited direction in prices as the yellow metal continued to tread water for the sixth session, on a day when the central bank recommended more import curbs.

After a 50 percent import duty hike to 6 percent on January 21, the Reserve Bank of India recommended putting curbs on imports on Wednesday, along with launching gold-linked products to limit shipments.

The actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was 0.08 percent higher at 30,623 rupees per 10 grams, after trading in a 30,510-30,910 price range in the past five sessions.

"The market is silent as there is hardly any movement in prices," said Harshad Ajmera, proprietor of JJ Gold House. Weddings and the festive season have started in India, the world's biggest buyer of the metal.

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

In the overseas markets, gold retreated below $1,670 an ounce as caution ahead of a European Central Bank meeting pressured the euro versus the dollar, and as a recent brighter tone to economic data boosted the appeal of other assets, such as stocks.

Silver for March delivery on the MCX was 0.32 percent lower at 58,171 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Intel's Valuation

Intel's Valuation

Intel could rise 30 percent over next two years - Barron's.  Full Article 

Canonisation

Canonisation

Pope declares sainthood of two Indians, four Italians.  Full Article 

Stake Sale Strike

Stake Sale Strike

Coal India trade unions call off strike in victory for Modi.  Full Article 

Interview with Bulgari CEO

Interview: Bulgari CEO

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

Formula One

Formula One

Hamilton takes second F1 title in style.  Full Article 

Available For Remake

Available For Remake

Bollywood finally wants to pay the price for remakes.  Full Article 

Davis Cup

Davis Cup

Vintage Federer seals first Davis Cup for Switzerland.  Full Article 

Reuters India Mobile

Reuters India Mobile

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