Gold importers on sidelines eyeing rupee

MUMBAI Fri Feb 8, 2013 4:43pm IST

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

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

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India stayed on the sidelines as the yellow metal continued to trade in recent price range, with a weaker rupee also denting sales.

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

* Gold for April delivery on the Multi Commodity Exchange (MCX) was 0.12 percent higher at 30,832 rupees per 10 grams.

* "We had some deals yesterday night after euro came down along with gold, but there has not been any movement so far as gold is steady and rupee has depreciated," said a dealer with a state-run bullion importing bank. "If the rupee appreciates, we may see good gold demand."

* Wedding and festival season is underway in India, the world's biggest buyer of the metal.

* A weaker rupee kept the prices supported. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* In the overseas market, gold regained its footing after the euro's weakness pulled it lower in the previous session, while platinum and palladium dropped from their strongest levels in more than a year.

* Silver for March delivery on the MCX was 0.46 percent higher at 58,307 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Gopakumar Warrier)

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

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

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