Gold importers continue bargain buying

Gold importers in India continued to pick up bargains as the yellow metal touched its lowest level in nearly two weeks, weighed by a firm rupee.

Festivals are underway in India, the world’s biggest buyer of the metal, and will peak with Diwali and Dhanteras next month. Weddings also take place during this period
“There is some demand as prices have come down,” said Haresh Acharya, head of bullion desk, Parker Bullion in Ahmedabad.
At 2:44 p.m., the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.03 percent lower at 30,969 rupees per 10 grams, after hitting a low of 30,862 rupees, a level last seen on October 5.
The rupee, which traded lower snapping two sessions of gains, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Silver recouped after hitting its lowest level in a month.
Silver for December delivery on the MCX was 0.07 percent higher at 59,999 rupees.

October 16, 2012 | View: 728 | Tags: silver, gold, India, Diwali