Gold prices ease from one-week high

MUMBAI Thu Mar 14, 2013 3:02pm IST

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder/Files

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

MUMBAI (Reuters) - Gold futures eased from their highest level in a week on Thursday weighed by a slightly firmer rupee, but importers were not willing to place deals, waiting for more fall in prices.

* India has been trying to curb imports of gold, which has been called a dead investment by the federal government, to put a lid on record high current account deficit by raising import duty by 50 percent to 6 percent in January.

* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.41 percent lower at 29,367 rupees per 10 grams, easing from a high of 29,594 rupees hit on Wednesday.

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

* In the overseas market, gold steadied below $1,590 an ounce on Thursday after sliding in the previous session when an upbeat U.S. retail sales strengthened the outlook for the world's top economy and dampened the bullion's safe-haven appeal.

* "There are hardly any deals happening in the market... there is hardly any demand," said Mayank Khemka, managing director of Khemka Group, a wholesaler in New Delhi.

* Weddings and festivals will start next month and continue until early June.

* Silver for May delivery on the MCX was 0.41 percent lower at 54,532 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Bijoy Koyitty)

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

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

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