November 6, 2012 / 8:22 AM / 5 years ago

Gold importers await price direction

A shopkeeper shows gold jewellery to a customer inside his shop in New Delhi June 12, 2008. REUTERS/Danish Ismail/Files

MUMBAI (Reuters) - Gold importers in India stayed on the sidelines awaiting price directions ahead of potential policy spin-offs from the U.S. presidential elections.

* At 1:08 p.m., the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was flat at 30,897 rupees per 10 gram.

* “A few stray deals are there since morning as the rupee is the main problem after prices zoomed from Friday’s levels,” said a dealer with a private bullion importing bank in Mumbai, adding people were closely watching the U.S. presidential elections for its impact on the currency market.

* U.S. President Barack Obama and Republican candidate Mitt Romney are engaged in frantic last-minute campaigns in swing states. A Romney victory may weigh on gold prices as hopes for further monetary easing may dim, hurting prospects for bullion.

* Gold buying will peak in India, the world’s biggest buyer of the metal, during Dhanteras and Diwali next week. Weddings will also take place during this period.

* Silver also traded on a steady note following the yellow metal.

* Silver for December delivery on the MCX was 0.10 percent higher at 58,635 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu

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