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:

Reuters Showcase

GDP Growth

GDP Growth

India revises up 2013/14 GDP growth to 6.9 percent.  Full Article 

Adani Restructuring

Adani Restructuring

Adani hives off power, ports businesses to boost growth.  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

ICICI Results

ICICI Results

ICICI sets quarterly record profit as Q3 net rises 14 pct  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

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