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Gold prices hover near one-month low
December 3, 2012 / 9:23 AM / in 5 years

Gold prices hover near one-month low

MUMBAI (Reuters) - Gold importers in India, the world’s biggest buyer of bullion, continued to stock up on the yellow metal as prices hovered around their lowest level in a month.

Gold biscuits are displayed inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder

* The wedding season is underway in India and will continue until early January. Normally, demand for gold goes up during this period.

* The actively traded gold for December delivery on the Multi Commodity Exchange (MCX) was 0.67 percent higher at 31,310 rupees per 10 grams at 2:45 p.m., not far from Friday’s low of 31,040 rupees, a level last seen on November 7.

* “Deals were there in the morning, like last week, as gold prices and the rupee are in supportive mode,” said a dealer with a private bullion importing bank in Mumbai. The yellow metal has shed more than 3 percent since November 26.

* The rupee, which traded weaker on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Global gold posted minor gains on Monday on strength in the euro, but uncertainty about the U.S. budget talks kept bullion’s advances in check.

* The most-traded silver for December delivery on the MCX was 0.93 percent higher at 61,872 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Sunil Nair

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