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Gold importers seek price fall to stock

Source : REUTERS
Last Updated: Fri, Oct 12, 2012 12:14 hrs
The salesman displays gold bangles to a customer at a jewellery showroom in Chennai

Gold importers from India, the world's biggest buyer of the metal, waited for price falls to stock the yellow meal ahead of festivals as prices stayed in the vicinity of their highest level in more than a week.

* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.17 percent higher at 31,375 rupees per 10 grams, after touching a one-week high of 31,511 rupees on Thursday.

* "Volumes are not that big as people are expecting a correction in gold," said a dealer with a private bullion importing bank in Mumbai.

* The festival and wedding season will start picking up in late October and peak next month during Diwali and Dhanteras, traditionally occasions for buying gold.

* Silver for December delivery on the MCX was 0.15 percent lower at 61,685 rupees per kg.




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