Gold futures ease from 9-month high

Gold futures ease from 9-month high

Last Updated: Fri, Aug 23, 2013 13:24 hrs
Women stand in front of a gold shop at al-Bzoria market in old Damascus

Gold futures in India, the world's biggest buyer of the metal, traded a tad lower on Friday, easing from their highest level in nine months, even as physical traders in the domestic market awaited resumption of imports.

At 1203 GMT, the actively traded gold contract for October delivery on the Multi Commodity Exchange (MCX) was 0.2 percent lower at 31,078 rupees per 10 gram, easing from the high of 31,688 rupees hit in the previous session, a level last seen on November 29, 2012.

"Gold is not available in the market... consumers are selling gold," said Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation.

Premiums were steady at $40 an ounce due to insufficient supplies, said Bamalwa.

India may re-start imports by as early as next week or so after the central bank clarified a new rule that brought the flow of the precious metal into the world's top gold consumer to a standstill at the end of July.

The most-active silver contract for September delivery on the MCX was 0.10 percent lower at 51,146 rupees per kg.

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