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Gold prices jump to 1-month high
November 8, 2012 / 9:02 AM / 5 years ago

Gold prices jump to 1-month high

Shopkeepers sit inside a traditional Ladakhi jewellery shop in Leh, east of Srinagar, August 12, 2010. REUTERS/Mukesh Gupta/Files

MUMBAI (Reuters) - Gold importers in India, the world’s biggest buyer, refrained from booking new deals as a weaker rupee kept prices in the vicinity of their highest level in a month.

* At 02:08 p.m., the most-active gold for December on the Multi Commodity Exchange (MCX) was 0.37 percent higher at 31,323 rupees per 10 grams, after hitting a high of 31,348 rupees, a level last seen on October 11.

* “The (demand) scenario is dull ahead of festivals due to a sudden spike in gold prices,” said a dealer with a private bullion importing bank in Mumbai, adding “seasonal demand will be met by old stocks.”

* The festival season in India will peak with Dhanteras and Diwali next week, with weddings also slated to continue till December.

* The rupee, which weakened on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* In the overseas markets, gold traded flat below the 2-1/2-week high hit in the previous session after U.S. President Barack Obama was re-elected, as a strong dollar largely put off buyers.

* Silver also traded higher tracking the yellow metal.

* Silver for December delivery on the MCX was 0.48 percent higher at 59,539 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Sunil Nair

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