December 7, 2012 / 10:28 AM / 5 years ago

Gold prices recover from one-month low

A salesman arranges a gold necklace inside a gold jewellery showroom in Kochi April 16, 2012. REUTERS/Sivaram V/Files

MUMBAI (Reuters) - Indian gold rose slightly on Friday, recovering partially from its lowest level in a month, but headed for a weekly 1 percent fall as traders stayed on the sidelines, awaiting lower prices.

* The key February gold contract on the Multi Commodity Exchange (MCX) was 0.06 percent higher at 31,245 rupees per 10 grams at 2:18 p.m., recovering from previous session’s low of 30,916, the lowest since November 5, helped by a weaker rupee.

* The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* “Demand is not very high today as prices have increased. In the festival (December) quarter there was some revival in demand,” said Mayank Khemka, managing director, Khemka Group, a wholesaler in Delhi, adding imports could fall by 30 percent in 2012.

* The wedding season, which started in September and peaked last month, will continue until early January. Gold is an essential part of gifts during the season in India.

* Silver contract for March delivery on the MCX was 0.07 percent higher at 62,486 rupees per kg, steadying near their highest level in more than a week.

Reporting by Siddesh Mayenkar; Editing by Anand Basu

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