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Gold importers book deals for weddings

Source : REUTERS
Last Updated: Wed, Jan 16, 2013 09:57 hrs
An employee displays gold necklaces at GJIIE in Chennai

Gold importers in India booked deals to stock up for the upcoming wedding season as prices continued to trade in narrow ranges. Silver eased after hitting its near one-month crest.

Weddings in India, the world's biggest buyer of the metal, are slated to start later this week and continue until May.

"Wedding season demand is there in the market as prices are in the same range and reasonably accepted in the market," said a dealer with a private bank in Mumbai.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.05 percent higher at 30,860 rupees per 10 grams at 2:39 p.m. Helped by a weaker rupee and global leads, it had hit a high of 30,934 rupees, a level last seen on January 11, earlier in the session.

The rupee, which was weaker on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Gold in the overseas market edged higher towards a near two-week high hit in the previous session on expectations easy global monetary policies will continue.

Silver for March delivery was 0.20 percent lower at 59,342 rupees per kg, after hitting a high of 59,630 rupees, a level not seen before December 20.


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