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Gold falls to 5-week low, attracts importers

Source : REUTERS
Last Updated: Thu, Oct 04, 2012 08:57 hrs
Gold jewellery shop owner arranges ornaments at a counter in Kolkata

Gold prices in India fell on Thursday, extending losses for a fifth session in a row to its lowest level in nearly five weeks weighed by a stronger rupee, attracting importers seeking to stock the yellow metal for festivals.

* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) struck an intra-day low of 31,212 rupees per 10 grams, a level last seen on August 31, before trading 0.25 percent lower at 31,234 rupees at 0800 GMT. the world's biggest buyer of bullion,

* "We have seen some steady demand for the last couple of weeks on the back of a stronger rupee," said a dealer with a private bullion importing bank in Mumbai, adding "we will have to wait and see the sustainability."

* Festival and wedding season in India, the world's biggest buyer of bullion, will start in late October and will peak at next month's Diwali and Dhanteras, traditionally marked by a frenzy of purchases of gold as gifts and dowry.

* The rupee, which has strengthened 6 percent since the start of September, has kept the prices of yellow metal subdued in the face of firm overseas markets.

* Silver edged higher following copper, another industrial metal.

* Silver for December delivery on the MCX was 0.26 percent higher at 62,483 rupees per kg.



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