| Date: |
11-09-2012 |
| Subject: |
Gold continues record streak; importers at bay |
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Indian gold continued its gaining streak to hit another peak on Monday, its seventh since the start of the month, with importers refraining from getting stuck with high priced stocks during the festive season.
* At 2:28 p.m., the key gold for October delivery on the Multi Commodity Exchange (MCX) struck a high of 32,043 rupees per 10 grams, before trading 0.21 percent higher at 31,963 rupees.
* Global gold held steady near a 6-1/2-month high, buoyed by expectations for the Federal Reserve to take imminent easing action after the latest data painted a bleak picture of the U.S. job market.
* A firmer rupee weighed on sentiment, limiting the upside in prices. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Physical buying remained weak. Festival season is underway in India, the world's biggest buyer of the yellow metal.
* "There is hardly any demand as prices have suddenly risen," said Mayank Khemka, managing director, Khemka Group, a wholesaler in New Delhi.
* Gold imports into India are estimated to fall by as much as 26 percent or by 200-250 tonnes in 2012.
* Silver also traded higher following the yellow metal to hit another peak.
* Silver for December delivery on the MCX was 0.53 percent higher at 64,229 rupees per kg, after hitting a record of 64,614 rupees.
Source : moneycontrol.com
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