Gold revisits 30,000 rupees mark, hits six-month high
MUMBAI (Reuters) - Gold futures in India, the world's biggest consumer of the metal, breached the keenly watched 30,000 rupees mark after a gap of six months as a weaker rupee made the dollar-quoted yellow metal expensive.
* The actively traded gold contract for October delivery on the Multi Commodity Exchange (MCX) was 4.23 percent higher at 30,420 rupees per 10 grams, after hitting a high of 30,470 rupees, a level last seen on February 14.
* The rupee, which hit a record low on Friday, plays an important role in determining the landed cost of the yellow metal.
* Silver contract for September delivery on the MCX was 6.86 percent higher at 49,770 rupees per kg.
* In the physical market, demand remained subdued as a seasonally slack demand period was underway, traders said.
* "There could be demand in another 15 days," said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in Kolkata, adding festivals and weddings will re-start next month and peak in November.
* On Wednesday, India turned the screw on gold buying again,
banning imports of coins and medallions and making domestic buyers pay cash, after hiking bullion import duty to a record 10 percent.
* The following were the prices of gold and silver in rupees as of 1615 local time in the spot market, quoted by HDFC Bank:
(Reporting by Siddesh Mayenkar; Editing by Anand Basu)
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