Asia stocks edge down on Europe bank woes, lower oil
TOKYO Asian stocks were lower on Wednesday, with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets.
MUMBAI Gold importers in India, the world's biggest buyer of the metal, retreated as a weaker rupee helped the yellow metal to extend gains for a second day.
The actively traded gold for February delivery on the Multi Commodity Exchange was 0.24 percent higher at 30,982 rupees per 10 grams by 2:54 p.m., after gaining 0.35 percent in the previous session.
"Deals are there but volumes are not that great as the rupee has weakened," said a dealer with a private bullion importing bank. "Last week there were good consignments due to the talk of import duty."
The rupee, which weakened past 55 per dollar, plays an important role in determining the landed cost of dollar-quoted yellow metal.
Worried by ballooning current account deficit, the finance minister hinted at making gold shipments more expensive, saying it was under consideration, but did not elaborate on the type of measures. India has a 4 percent import duty on gold.
The central bank also recommended restrictions on value and volumes on importing banks and agencies.
Overseas gold inched up off the previous session's four-month low, boosted by lacklustre U.S. jobs data which supported expectations for continued monetary easing from the Federal Reserve.
Silver for March also edged 0.19 percent higher to 58,095 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)
MUMBAI Endurance Technologies, an Indian auto parts maker, has set a price band of 467-472 rupees a share for its initial public offering of shares next week that could raise as much as 11.61 billion rupees ($175 million), the company said on Wednesday.
BENGALURU Gold inched lower on Wednesday to touch a one-week low, after suffering its biggest single-day loss in nearly a month in the previous session, on a firmer dollar.