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

Iron Ore Mining

REUTERS SHOWCASE

Tracking Markets

Tracking Markets

Sensex, Nifty surge to record high; Sesa gains  Full Article 

TCS-Mitsubishi

TCS-Mitsubishi

TCS, Mitsubishi to form software services company  Full Article 

Telecom Sector

Telecom Sector

RIL telecoms unit in tower lease pact with ATC  Full Article 

Japanese Economy

Japanese Economy

Japan exports growth slows sharply, keeps pressure on BOJ to act  Full Article 

A Tough Sell

A Tough Sell

Insurance against a China financial crisis  Full Article 

Tyre Debris

Tyre Debris

Bangalore-bound Malaysia Airlines plane turns back after tyre burst on takeoff  Full Article 

Digital Currency

Digital Currency

At Mt. Gox bitcoin hub, 'geek' CEO sought both control and escape  Full Article 

Reuters India Mobile

Reuters India Mobile

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