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Indian gold trades flat; jewellers look for bargains
April 9, 2013 / 10:18 AM / 4 years ago

Indian gold trades flat; jewellers look for bargains

MUMBAI, April 9 (Reuters) - Indian gold futures traded
steady on Tuesday in line with global markets, with traders
looking for bargains as weddings and festivals neared.
    * At 0948 GMT, the actively traded gold for June delivery
 on the Multi Commodity Exchange (MCX) was 12 rupees
lower at 29,528 rupees per 10 grams.
    * Global gold pared early losses, but the metal was under
downward pressure after U.S. stocks gained ahead of an earnings
season that is expected to show modest growth. 
    * "Buying is slow after prices jumped on Friday... if gold
revisits 29,000, there could be activity looking at weddings,"
said Haresh Acharya, head of bullion desk, Parker Bullion.
    * The wedding season will now begin in India, the world's
biggest buyer of gold, and continue till early June. Festivals
will also take place during this period.
    * India has been trying to curb imports to put a lid on the
record-high current account deficit. The federal government
raised the import duty on gold, which it called a dead
investment, by 50 percent to 6 percent in January.
    * India's Finance Minister P. Chidambaram suggested last
week the government was unlikely to raise the import tax on gold
further to avoid gold smuggling. 
    * Silver for May delivery on the MCX was 0.17
percent higher at 51,286 rupees per kilogram.    
    * The following were the prices of gold and silver 
 in rupees as of 1.16 p.m. local time in the spot
market, quoted by HDFC Bank:
                         Tuesday     Monday
    ==========================================
    Gold .999/10 grams   29,565      29,630 
    Silver .999/kg       51,663      55,270

 (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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