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.