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Gold prices little changed amid thin demand
November 22, 2012 / 10:09 AM / 5 years ago

Gold prices little changed amid thin demand

NEW DELHI (Reuters) - Gold prices in India, the world’s biggest buyer of bullion, were little changed on Thursday as thin demand and a lacklustre rupee failed to give any directional cues.

A woman touches a gold necklace at a jewellery store during Karva Chauth festival in Allahabad October 17, 2008. REUTERS/Jitendra Prakash/Files

* At 2:59 p.m., the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.02 percent lower at 31,808 rupees per 10 grams.

* The rupee, which gave up earlier gains against the dollar, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* “The gold market is steady. The festive season is over, so there is poor demand seen in the physical market,” said Prithviraj Kothari, president of the Bombay Bullion Association.

* The run-up to Diwali, the festival of lights that India celebrated on November 13, coupled with the wedding season demand had pushed up gold prices in the recent past. The wedding season demand will taper off in December.

* Overseas gold traded in a $5 range on Thursday, supported by central bank purchases and a weaker dollar as European leaders raised the possibility that a bailout deal for Greece was imminent.

* Silver bucked the trend. Silver for December delivery on the MCX was 0.06 percent higher at 62,085 rupees per kg.

Reporting by Malini Menon; Editing by Jijo Jacob

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