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Gold falls to 5-week low of Rs 31,212, attracts importers

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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

Story first published on: October 04, 2012 14:46 (IST)

Tags: Gold price in India

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