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

Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

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 Economy

Global Economy

Chinese factories stalling as euro zone business picks up  Full Article 

M&M Upgraded

M&M Upgraded

Credit Suisse upgrades Mahindra & Mahindra to 'outperform'  Full Article 

HRW Report

HRW Report

Bigoted teachers lead marginalised Indian school kids to drop out  Full Article 

Breakingviews

Breakingviews

Manchester United’s crisis has silver lining  Full Article 

Reuters India Mobile

Reuters India Mobile

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