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Gold prices recover from one-month low

Source : REUTERS
Last Updated: Fri, Dec 07, 2012 10:36 hrs
A salesman arranges a gold necklace inside a gold jewellery showroom in Kochi

Indian gold rose slightly on Friday, recovering partially from its lowest level in a month, but headed for a weekly 1 percent fall as traders stayed on the sidelines, awaiting lower prices.

The key February gold contract on the Multi Commodity Exchange (MCX) was 0.06 percent higher at 31,245 rupees per 10 grams at 2:18 p.m., recovering from previous session's low of 30,916, the lowest since November 5, helped by a weaker rupee.

The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

"Demand is not very high today as prices have increased. In the festival (December) quarter there was some revival in demand," said Mayank Khemka, managing director, Khemka Group, a wholesaler in Delhi, adding imports could fall by 30 percent in 2012.

The wedding season, which started in September and peaked last month, will continue until early January. Gold is an essential part of gifts during the season in India.

Silver contract for March delivery on the MCX was 0.07 percent higher at 62,486 rupees per kg, steadying near their highest level in more than a week.


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