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Indian gold prices steady near 3-week high, traders stay away
August 21, 2012 / 8:57 AM / 5 years ago

Indian gold prices steady near 3-week high, traders stay away

MUMBAI, Aug 21 (Reuters) - Gold traders in India, the
world's biggest buyer of bullion, took to the sidelines in the
middle of the festival season as prices remained steady near
their highest level in three weeks.
    * The most active gold for October delivery on the
Multi Commodity Exchange (MCX) was 0.05 percent higher at 30,198
rupees per 10 grams as support from higher overseas market was
offset by a stronger rupee at home.
    * Gold prices on Tuesday were steady near the previous day's
high of 30,220 rupees, a level last seen on July 31.
    * "Business is bad... some suppliers are selling gold at a
discount of 1.5 percent," said Harshad Ajmera, proprietor of JJ
Gold House in Kolkata. "There could be some business due to
festivals," he added.
    * The festival season is underway in India and will continue
till November. Gold imports have already declined due to
doubling of import duty, and the drought could further dent
demand from rural areas. 
    * Rural areas, which depend on monsoon rains for
agricultural yields and income, contribute about 60 percent of
the country's demand.
    * Silver edged higher to hit its highest level in a month
due to overseas leads.
    * Silver for September delivery on the MCX was 0.26
percent higher at 54,456 rupees per kg, after hitting a high of
54,488 rupees, a level last seen on June 21.
    * Following were the prices in rupees at 1:15 p.m., quoted  
by HDFC Bank in the spot market : 
                        Tuesday      Monday
    Gold .999/10 grams   30,330      30,060
    Silver .999/kg       56,421      55,620
    At 2:17 p.m., following were the prices in rupees on the    
Multi Commodity Exchange of India Ltd <0#MAU:>:       
    Contract       Current price     Net change       
    Oct gold        30,215            +31
    Sept silver     54,538            +225

 (Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)

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