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Gold recovers on bargain-buy by traders
March 2, 2012 / 9:06 AM / 6 years ago

Gold recovers on bargain-buy by traders

A shopkeeper shows gold bangles to a prospective buyer at a jewellery shop in Mumbai October 8, 2009. REUTERS/Arko Datta/Files

MUMBAI (Reuters) - India gold futures recovered partially on Friday from their lowest level in a month as physical traders hunted for bargains to meet wedding season demand, dealers said.

* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.23 percent higher at 27,988 rupees per 10 grams, after hitting a low of 27,730 rupees on Thursday, a level last seen on January 25.

* India, the world’s biggest buyer of bullion, consumes about 900 tonnes of the yellow metal annually.

* The contract had shed 3 percent on Wednesday, when investors exited bullion on speculation that central banks might be done with easy monetary policies.

* “There is buying after two days of fall in prices ... people who were on the sidelines are buying now,” said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.

* Silver prices edged higher following the yellow metal.

* Silver for April delivery on the MCX was 0.31 percent higher at 58,511 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil

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