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Gold at one-month low; demand slightly up

Source : REUTERS
Last Updated: Fri, Sep 13, 2013 09:40 hrs
An employee arranges gold jewellery at the counter of a gold shop in Hefei

Gold demand in India, the world's top consumer of the precious metal, slightly improved on Friday as prices fell to their lowest in a month tailing losses in the world market.

At 2:51 p.m., the benchmark October contract on the Multi Commodity Exchange (MCX) was 1.19 percent lower at 29,690 rupees per 10 grams. It hit a low of 29,636 rupees earlier in the day, a level last seen on August 16.

"A few jewellers are comfortable in placing orders below 30,000 rupees. Some buyers are still on the sidelines expecting a further drop in prices," said a Mumbai-based dealer.

In the overseas market, gold reversed early gains and fell to its lowest in more than a month on Friday as U.S. futures extended losses on fears the United States would curb its stimulus soon.

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

India's gold imports are likely to be around $38 to $40 billion in the current fiscal year to March 31, 2014, down from last fiscal year's $53.8 billion, C. Rangarajan, economic adviser to the prime minister, said on Friday.

Silver for September delivery on the MCX was 2.36 percent lower at 49,305 rupees per kg.


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