November 8, 2012 / 8:57 AM / 5 years ago

Indian gold importers wary as prices jump to 1-month high

MUMBAI, Nov 8 (Reuters) - Gold importers in India, the
world's biggest buyer, refrained from booking new deals as a
weaker rupee kept prices in the vicinity of their highest level
in a month.
    * At 0838 GMT, the most-active gold for December on
the Multi Commodity Exchange (MCX) was 0.37 percent higher at
31,323 rupees per 10 grams, after hitting a high of 31,348
rupees, a level last seen on Oct. 11.
    * "The (demand) scenario is dull ahead of festivals due to a
sudden spike in gold prices," said a dealer with a private
bullion importing bank in Mumbai, adding "seasonal demand will
be met by old stocks."
    * The festival season in India will peak with Dhanteras and
Diwali next week, with weddings also slated to continue till
December.
    * The rupee, which weakened on Thursday, plays an important
role in determining the landed cost of the dollar-quoted yellow
metal. 
    * In the overseas markets, gold traded flat below the
2-1/2-week high hit in the previous session after U.S. President
Barack Obama was re-elected, as a strong dollar largely put off
buyers. 
    * Silver also traded higher tracking the yellow metal.
    * Silver for December delivery on the MCX was 0.48
percent higher at 59,539 rupees per kg.    
    * The following were the prices of gold and silver in rupees
at 1:15 p.m. in the spot market, quoted by HDFC Bank :
                        Thursday    Wednesday 
    ============================================             
    Gold .999/10 grams   31,610      31,513 
    Silver .999/kg       60,996      61,120
      
    At 2:06 p.m., following were the prices in rupees on the
Multi Commodity Exchange of India Ltd <0#MAU:>:          
    Contract       Current price     Net change 
    ============================================= 
    Dec gold        31,290            +84  
    Dec silver      59,432            +180

 (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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