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Gold prices inch up on wedding season demand

Source : REUTERS
Last Updated: Fri, Nov 16, 2012 12:16 hrs
Customers check gold rings inside a gold jewellery showroom in Kochi

Gold prices in India, the world's biggest buyer of bullion, rose on Friday, supported by wedding season demand and as the rupee weakened against the dollar.

At 5:18 p.m., the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.23 percent higher at 31,527 rupees per 10 grams.

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

"Wedding season demand is underway and is likely to improve further from the last week of November. We expect prices to touch 32,800 rupees by December," said Ghanshyam Nichani, owner of Dhanraj Jewellers in Mumbai.

The wedding season in India will taper off in December.

Overseas gold inched down on Friday, heading for a weekly loss of about 1 percent, as festering uncertainty over the outlook for the global economy dragged on prices.

Silver, however, traded lower on Friday, tracking global cues.

Silver for December delivery on the MCX was 0.27 percent lower at 60,742 rupees per kg.



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