March 14, 2013 / 9:38 AM / 5 years ago

Gold prices ease from one-week high

MUMBAI (Reuters) - Gold futures eased from their highest level in a week on Thursday weighed by a slightly firmer rupee, but importers were not willing to place deals, waiting for more fall in prices.

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder/Files

* India has been trying to curb imports of gold, which has been called a dead investment by the federal government, to put a lid on record high current account deficit by raising import duty by 50 percent to 6 percent in January.

* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.41 percent lower at 29,367 rupees per 10 grams, easing from a high of 29,594 rupees hit on Wednesday.

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

* In the overseas market, gold steadied below $1,590 an ounce on Thursday after sliding in the previous session when an upbeat U.S. retail sales strengthened the outlook for the world’s top economy and dampened the bullion’s safe-haven appeal.

* “There are hardly any deals happening in the market... there is hardly any demand,” said Mayank Khemka, managing director of Khemka Group, a wholesaler in New Delhi.

* Weddings and festivals will start next month and continue until early June.

* Silver for May delivery on the MCX was 0.41 percent lower at 54,532 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Bijoy Koyitty

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