Gold demand moderate as prices soften

MUMBAI Fri Feb 22, 2013 5:56pm IST

A goldsmith holds finished gold bangles at a workshop in Kolkata January 16, 2013. REUTERS/Rupak De Chowdhuri/Files

A goldsmith holds finished gold bangles at a workshop in Kolkata January 16, 2013.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

MUMBAI (Reuters) - Gold demand in India, the world's biggest consumer of the metal, was moderate on Friday as the correction in prices lured some jewellers, but some investors were on the sidelines hoping for a sharp drop in future.

* As of 1206 GMT, the most active gold contract for April delivery on India's Multi Commodity Exchange (MCX) was 0.69 percent lower at 29,537 rupees per 10 grams. The contract hit a seven-month low of 29,263 rupees on Thursday.

* "At this point of time people are thinking there can be more lows so they are waiting for a correction," said Mohit Kamboj, president of the Bombay Bullion Association.

* The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, rose on Friday.

* Globally, gold firmed on Friday, helped by a recovery in assets seen as higher risk, like stocks, the euro and other commodities, after stronger-than-expected German economic data and on concerns that this week's selling may have been overdone.

* The silver contract for March delivery on the MCX was 0.62 percent lower at 53,778 rupees per kg.

* The following were the prices of gold and silver in rupees as of 4.15 p.m. local time in the spot market, quoted by HDFC Bank:

Friday Thursday

(Reporting by Rajendra Jadhav; Editing by G.Ram Mohan)

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

Global Trade Deal

Global Trade Deal

Rural votes, old traumas drive India's WTO brinkmanship.`  Full Article 

E-Commerce Funding

E-Commerce Funding

E-tailer Flipkart raises $1 billion in funding.  Full Article 

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

New Frontiers

New Frontiers

EXCLUSIVE - Goldman moves executive to new role building ETFs.  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Argentina Debt Default

Argentina Debt Default

Insight - Jaded Argentines brace for looming debt default   Full Article 

Anti-trust Probe

Anti-trust Probe

Microsoft targeted in apparent Chinese anti-trust probe  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

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