February 23, 2012 / 11:14 AM / 8 years ago

Gold hits over 5-week high; demand stays slack

Customers look at gold bangles inside a jewellery shop in Hyderabad September 8, 2009. REUTERS/Krishnendu Halder/Files

MUMBAI (Reuters) - India gold futures extended gains for the fifth session in a row, to their highest in more than five weeks, prompting physical traders to remain on the sidelines, dealers said.

* The most-active gold for April delivery on the Multi Commodity Exchange was 0.52 percent higher at 28,796 rupees per 10 grams, after hitting a high of 28,828 rupees, a level last seen on December 14.

* “Buying has slowed since last two days as rates are high,” said Haresh Acharya, head of bullion desk at Parker Agrochem.

* Easing inflation and a revival in stock markets could dent gold imports by India, the world’s biggest consumer, pushing shipments down by about 35 percent in value terms in 2012/13.

* Silver also edged higher following the yellow metal.

* Silver for March delivery on the MCX was 0.55 percent higher at 57,574 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Subhadip Sircar

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