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Gold prices near 2-month high; importers on sidelines

Source : REUTERS
Last Updated: Tue, Nov 27, 2012 12:35 hrs
A shopkeeper displays gold jewellery inside his showroom in Jammu

Gold importers in India, the world's biggest buyer of the metal, continued to be on the sidelines as prices steadied near their highest level in more than two months.

The wedding season is now underway in India and will continue until early January. Demand for the yellow metal normally goes up during this period.

"There are no buyers at these levels... there are a few investors who are selling and booking profits," said Mayank Khemka, managing director of Khemka Group, a bullion wholesaler in New Delhi.

The actively traded gold for December delivery on the Multi Commodity Exchange (MCX) was 0.15 percent higher at 32,403 rupees per 10 grams at 0942 GMT, near the previous day's high of 32,464 rupees, a level last seen on September 19.

Overseas gold traded in a tight range around $1,750 an ounce on Tuesday, as traders moved to the sidelines.




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