MUMBAI Indian gold importers continued to stock up for the wedding season, taking advantage as prices fell, weighed by a stronger rupee, and bracing for a year-end shut down by refiners for account closing.
The wedding season is underway in India and will continue until early January. Gold is an essential gift item at weddings in India, the world's largest buyer of the metal.
The actively traded gold for February delivery on the Multi Commodity Exchange (MCX) was 0.19 percent lower at 31,167 rupees per 10 grams at 2:36 p.m., after hitting 31,155 rupees, the lowest since December 7, weighed by a stronger rupee.
The rupee, which recovered from early losses, plays an important role in determining the landed cost of the dollar-denominated yellow metal.
"Sales are going on due to the marriage season. People feel this is a good buying opportunity as prices could jump another 1,000 rupees," said Harshad Ajmera, proprietor of JJ Gold House.
India's gold market will have to survive on despatched shipments as supply will come to a halt in the last fortnight of the calendar year for account books closure.
In the international market, gold traded a tad lower as investors cautiously watched U.S. talks to avoid a looming fiscal calamity that have so far made little progress.
March silver also traded near its lowest level in more than a week, before trading 0.33 percent higher at 61,710 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)
Paytm parent One97 says MediaTek to invest $60 million
MUMBAI Taiwan's largest chip designer MediaTek Inc is investing $60 million in India's One97 Communications, valuing the payment services and e-commerce firm at about $5 billion, the company said on Tuesday.
Wall St. weighed by Apple but banks shine on
NEW YORK Apple Inc was the largest weight on U.S. stock indexes on Tuesday after antitrust regulators ordered the company to pay about $14.5 billion in back taxes to the Irish government, but gains in bank shares partly offset the decline.
Google expands nascent ride-sharing service - WSJ
Alphabet Inc's Google unit plans to open its ride-sharing programme to Waze app users in San Francisco this fall, pitting itself against Uber Technologies Inc, the Wall Street Journal reported.