Gold prices in India fell on Thursday, extending losses for a fifth session in a row to its lowest level in nearly five weeks weighed by a stronger rupee, attracting importers seeking to stock the yellow metal for festivals.
* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) struck an intra-day low of Rs 31,212 per 10 grams, a level last seen on August 31, before trading 0.25 per cent lower at Rs 31,234 at 0800 GMT.
* "We have seen some steady demand for the last couple of weeks on the back of a stronger rupee," said a dealer with a private bullion importing bank in Mumbai, adding "we will have to wait and see the sustainability."
* Festival and wedding season in India, the world's biggest buyer of bullion, will start in late October and will peak at next month's Diwali and Dhanteras, traditionally marked by a frenzy of purchases of gold as gifts and dowry.
* The rupee, which has strengthened 6 per cent since the start of September, has kept the prices of yellow metal subdued in the face of firm overseas markets.
* Silver edged higher following copper, another industrial metal.
* Silver for December delivery on the MCX was 0.26 per cent higher at Rs 62,483 per kg.
Copyright @ Thomson Reuters 2012
* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) struck an intra-day low of Rs 31,212 per 10 grams, a level last seen on August 31, before trading 0.25 per cent lower at Rs 31,234 at 0800 GMT.
* "We have seen some steady demand for the last couple of weeks on the back of a stronger rupee," said a dealer with a private bullion importing bank in Mumbai, adding "we will have to wait and see the sustainability."
* Festival and wedding season in India, the world's biggest buyer of bullion, will start in late October and will peak at next month's Diwali and Dhanteras, traditionally marked by a frenzy of purchases of gold as gifts and dowry.
* The rupee, which has strengthened 6 per cent since the start of September, has kept the prices of yellow metal subdued in the face of firm overseas markets.
* Silver edged higher following copper, another industrial metal.
* Silver for December delivery on the MCX was 0.26 per cent higher at Rs 62,483 per kg.
Copyright @ Thomson Reuters 2012
