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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
The Wipro campus is seen in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier..  Full Article | Full Coverage 

REUTERS SHOWCASE

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Read | Full Coverage 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

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