Gold prices steady, importers slow down purchases

MUMBAI Wed Feb 13, 2013 2:47pm IST

A shopkeeper displays gold jewellery inside his shop in Jammu October 17, 2008. REUTERS/Amit Gupta/Files

A shopkeeper displays gold jewellery inside his shop in Jammu October 17, 2008.

Credit: Reuters/Amit Gupta/Files

Related Topics

MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer of the metal, slowed down purchases as they waited for a direction in prices that were steady, tracking a similar trend in currency and overseas markets.

After a 50 percent import duty increase to 6 percent on January 21, the Reserve Bank of India last week recommended putting curbs on imports, along with launching gold-linked products to limit shipments. The wedding and festival season is currently on in India.

"Demand has slowed as there are fewer marriages... people are wanting to buy at 30,000 rupees," said Haresh Acharya, head of the bullion desk at the Ahmedabad-based Parker Bullion.

At 2:10 p.m., the actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was 0.03 percent higher at 30,583 rupees per 10 grams.

The rupee, which was steady on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. Comex gold for April was little changed at $1,647.6 an ounce.

Silver for March delivery on the MCX was 0.24 percent higher at 57,691 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)

FILED UNDER:

Economic Pulse

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

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