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Gold traders in India re-enter market with stray deals
April 9, 2012 / 9:32 AM / in 6 years

Gold traders in India re-enter market with stray deals

MUMBAI (Reuters) - Gold traders in India, the world’s largest consumer of the yellow metal, booked stray deals after a three-week long strike, seeking to replenish stocks for a gold buying festival slated later in the month, dealers said.

Gold jewellery is on display at a jewellery showroom in the eastern Indian city of Kolkata March 6, 2008. REUTERS/Parth Sanyal/Files

* “Few orders are there on the lower side... market is slowly gearing up ahead of Akshaya Tritiya,” said a dealer with a private bullion importing bank in Mumbai.

* Jewellers in India ended their three-week strike on Saturday after assurance the government would consider scrapping a budget proposal to levy excise duty on unbranded jewellery.

* Gold buying festival, Akshaya Tritiya, is due later on April 24, when Indians buy gold to invoke prosperity.

* Traders said a 4 percent fall in prices could activate the gold market.

* “People will be buying now after closing shops for weeks together as wedding season is on,” said Harshad Ajmera, proprietor of JJ Gold House. “There were good retail sales yesterday.”

* Gold for June delivery on the Multi Commodity Exchange (MCX) was up 0.48 percent at 28,333 rupees per 10 grams.

* “A level of 27,200-27,500 rupees will be good enough for market to activate,” said the private bank dealer.

* Silver for May delivery traded steady at 56,254 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil

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