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UPDATE 1-India gold traders stat away on near-record prices

Fri Nov 6, 2009 2:42pm IST
 
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(Updates to trends in the physical market)

* Spot gold up at $1,094.55 an ounce XAU=

* London Brent crude up at $78.65 a barrel LCOc1

* Rupee strong at 46.7800 per dollar INR=IN

* U.S. employment report for Oct. 1330 GMT [MI/DIARY]

MUMBAI, Nov 6 (Reuters) - India's gold traders kept to the sidelines on Friday as prices stayed near record highs in the middle of the wedding season, with a strong rupee seen aiding sentiment later in the session, dealers said.

"Market is very dull, there is no fresh buying happening as prices are still holding near all-time highs," said a dealer with a state-run bank in Mumbai.

The most-traded gold December contract MAUZ9 was 0.04 percent lower at 16,589 rupees per 10 grams at 2:36 p.m., near its record high of 16,677 rupees, struck earlier in the week.

"A strong rupee may help later, but prices internationally will have to come down for that," said another dealer with a private bank.  Continued...

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