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Indian gold importers wait for attractive price levels
March 7, 2013 / 10:24 AM / 5 years ago

Indian gold importers wait for attractive price levels

MUMBAI, March 7 (Reuters) - Gold importers in India, the
world's biggest buyer, waited for attractive price levels ahead
of the wedding season next month,  as a stronger rupee weighed
on the yellow metal.
    * Weddings and festivals season will re-start in April and
continue untill the first week of June. The rupee, which
continued to rise on Thursday, plays an important role in
determining the landed cost of the dollar-quoted yellow metal.
    * "Rupee will remain the dominating factor for local prices
of gold I doubt if there will be any big appreciation on the
rupee front, so gold sales will be subdued," said a dealer with
a private bullion importing bank.
    * As of 1001 GMT, the most-active gold contract for April
delivery on the Multi Commodity Exchange (MCX) was 0.22
percent lower at 29,529 rupees per 10 grams.
    * Silver for May delivery on the MCX was 0.09
percent higher at 55,017 rupees per kg.
    * The following were the prices of gold and silver in rupees
as of 1.15 p.m. local time in the spot market, quoted by HDFC
Bank :
                         Thursday     Wednesday 
    Gold .999/10 grams   29,825       29,710
    Silver .999/kg       56,445       56,112

 (Reporting by Siddesh Mayenkar; Editing by G.Ram Mohan)

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