Indian gold importers at bay, eyeing U.S. data

Nov 01 2012, 18:53 IST
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Indian gold importers at bay, eyeing U.S. data (Agencies) Indian gold importers at bay, eyeing U.S. data (Agencies)
SummaryGold importers in India, the world's biggest buyer, continued to stay on the sidelines.

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.

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