MUMBAI Gold prices in India, the world's biggest buyer of the metal, fell below the 29,000 rupees mark, a level keenly watched by importers and jewellers to re-stock gold for weddings and festivals.
The most-active gold contract for June delivery on the Multi Commodity Exchange (MCX) hit a low of 28,945 rupees, before trading 179 rupees lower at 29,005 rupees per 10 grams at 3:33 p.m.
The wedding season has begun in India and will continue till early June. Akshay Tritiya, the second biggest gold buying festival after Dhanteras, also falls in this period. (Reporting by Siddesh Mayenkar; Editing by Anand Basu)