Mumbai: Indian gold extended gains on Wednesday to hit a peak for the fourth consecutive day so far this month, aided by a weaker rupee, driving away importers of the metal seeking to stock up for festivals and weddings.
* At 2:53 p.m., the key gold for October delivery on the Multi Commodity Exchange (MCX) was 0.10 per cent higher at 31,482 rupees per 10 grams, after hitting a high of 31,525 rupees, earlier in the session.
* India, the world's biggest buyer of the yellow metal, is in the midst of the festival and wedding season which will continue till November.
* "Demand is dull on the physical side... everyone is expecting a correction to 30,800 rupees," said a dealer with a bullion importing private bank in Mumbai.
* Gold imports to India are likely to fall by as much as 26 per cent, or by 200 to 250 tonnes, in 2012 as record high prices hit consumer budgets.
* Silver edged lower tracking copper, another industrial metal.
* Silver for September delivery on the MCX was 0.17 per cent lower at 60,500 rupees per kg.
Comments
0 comment