September 11, 2013 / 10:44 AM / 4 years ago

Indian gold demand improves as drop in price lures jewellers

MUMBAI, Sept 11 (Reuters) - Gold demand in India, the
world's top consumer of the precious metal, improved on
Wednesday as prices were trading at their lowest in three weeks
following losses in the world market and on a strong rupee.
    * At 1022 GMT, the benchmark October contract on the
Multi Commodity Exchange (MCX) was 0.12 percent lower at 30,715
rupees per 10 grams. It hit a low of 30,502 rupees in the
previous session, a level last seen on Aug. 20.
    * The rupee plays an important role in determining the
landed cost of the dollar-quoted yellow metal. It rose more than
1 percent on Wednesday. 
    * In the overseas market, gold slipped to a three-week low
on Wednesday before recovering on bargain-hunting, but hopes a
U.S. military strike against Syria could be averted dented its
safe-haven appeal. 
    * "Jewellers are slowly stepping up purchases for the peak
festive season. Buyers are very cautious as the rupee is now
reversing the weak trend and quickly appreciating," said a
Mumbai-based dealer with a private bank.
    * India's customs department issued guidelines for gold
imports last week. 
    * Silver for September delivery on the MCX was 0.36
percent higher at 52,425 rupees per kg.
    
    * The following were the prices of gold and silver
 in rupees as of 1315 local time in the spot market,
quoted by HDFC Bank: 
                 Wednesday       Tuesday
  ===========================================
  Gold .999/10 grams   31,300      31,580 
  Silver .999/kg       53,418      54,230  

 (Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)

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