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Indian gold importers seek price direction
January 10, 2013 / 9:54 AM / 5 years ago

Indian gold importers seek price direction

MUMBAI, Jan 10 (Reuters) - Gold importers in India, the
world's biggest buyer of the metal, refrained from stocking up
as they sought price direction ahead of the wedding and festival
season, after prices steadied near their lowest level in a week.
    * The wedding season will begin by mid-January and continue
until May. Festivals will also take place during this period.
    * The actively traded gold for February delivery was
0.04 percent higher at 30,807 rupees per 10 grams, after firm
overseas markets outweighed a stronger rupee. The contract hit a
low of 30,721 rupees, a level last seen on Jan. 4.
    * The rupee, which traded stronger against the dollar, plays
an important role in determining the landed cost of the
dollar-quoted yellow metal. 
    * Gold in the overseas market edged up, with investors eying
a key resistance level just above $1,660 an ounce and awaiting a
rate decision by the European Central Bank at its policy meeting
later in the day. 
    * "Buying has slowed down considerably since the statements
from the finance minister. There is not much of stocking as most
of them have already done based on their capacity," said a
dealer with a private bullion importing bank in Mumbai.
    * India could raise import duty on the yellow metal from the
current 4 percent, as part of measures to contain a record high
current account deficit. The central bank has also recommended
limits on value and volumes of gold imports. 
    * Silver edged 0.25 percent higher to 58,115 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   30,810       30,835 
    Silver .999/kg       59,275       59,141

 (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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