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Gold price fall triggers physical buying in India
March 14, 2012 / 9:23 AM / 6 years ago

Gold price fall triggers physical buying in India

MUMBAI (Reuters) - India gold fell about a percent on Wednesday afternoon, extending losses for a fourth straight session, spurring deals from physical buyers as the peak wedding season neared, dealers said.

A jewellery shop owner displays gold jewellery in Kolkata December 15, 2009. REUTERS/Parth Sanyal/Files

* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) fell 0.9 percent to 27,581 rupees. The contract shed 0.58 percent in the previous three sessions.

* Currently wedding season is underway in India, the world’s biggest buyer of bullion. Festivals will also take place until May.

* “Deals are happening as prices have come down to 27,500 rupees ... all are waiting for the budget on Friday,” said Mayank Khemka, managing director, Khemka International in Delhi.

* Overseas gold fell for a third day as weaker equity markets and stronger dollar weighed on sentiment.

* Silver also fell following gold. Silver for May delivery on the MCX was 0.69 percent lower at 57,855 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil

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