| Date: |
02-11-2012 |
| Subject: |
Indian gold importers at bay, eyeing U.S. data |
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Gold importers in India, the world's biggest buyer, continued to stay on the sidelines as prices were stuck in a narrow range after pressure from a stronger rupee was offset by overseas markets ahead of U.S. employment data.
* The festivals and weddings season, traditionally a time to buy gold, is underway in India. The festive season will peak with Dhanteras and Diwali later in the month.
* Demand is moderate due to high prices... Jewellers have already bought what they wanted for Diwali, said Mayank Khemka, managing director of Delhi-based wholesaler Khemka International.
* At 0845 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was flat at 31,104 rupees per 10 grams before U.S. jobs data slated for later in the session.
* Economists expect U.S. job growth to have picked up slightly in October, but not enough to prevent the unemployment rate from rising off a four-year low.
* Global gold traded a tad higher at $1,722.4 an ounce, while the rupee, which plays an important role in determining the landed cost of the yellow metal, traded stronger on Thursday.
* Silver traded higher following copper, another industrial metal.
Silver for December delivery on the MCX was 0.39 percent higher at 60,113 rupees per kg.
Source : indianexpress.com
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