MUMBAI 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)
Trending On Reuters
India has signed a pact with Boeing Co for purchasing four maritime spy planes at an estimated $1 billion, defence and industry sources said, aiming to bolster the navy as it tries to check China's presence in the Indian Ocean. Full Article