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Gold importers wait for attractive price levels

Source : REUTERS
Last Updated: Thu, Mar 07, 2013 11:41 hrs
A salesgirl shows a gold necklace to customers at a jewellery showroom in Chandigarh

Gold importers in India, the world's biggest buyer, waited for attractive price levels ahead of the wedding season next month, as a stronger rupee weighed on the yellow metal.

Weddings and festivals season will re-start in April and continue until the first week of June. The rupee, which continued to rise on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

"Rupee will remain the dominating factor for local prices of gold I doubt if there will be any big appreciation on the rupee front, so gold sales will be subdued," said a dealer with a private bullion importing bank.

As of 4:02 p.m., the most-active gold contract for April delivery on the Multi Commodity Exchange (MCX) was 0.29 percent lower at 29,510 rupees per 10 grams.

Silver for May delivery on the MCX was 0.09 percent higher at 55,017 rupees per kg.



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