Gold Prices Rise on Festive Demand
November 13, 2012 3:41 PM EST
At 03:37 pm IST, the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.77 percent higher at 31,887 rupees per 10 grams, after hitting a high of 31,937 rupees.
The rupee, which fell to a two-month low on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
"Gold prices are moving up due to higher demand in the physical markets. Imports will resume in the next few days due to the higher demand in the festival and wedding seasons," said Aurobinda Prasad, head of research at Karvy Comtrade.
Diwali, the festival of lights, will be celebrated on Tuesday while the wedding season will continue. Traditionally, both are occasions for buying gold.
Overseas gold edged up on Monday, after posting its biggest weekly gain since late August, on safe-haven buying, driven by worries that the United States could return to recession if Congress fails to reach a deficit-reduction deal.
Silver also moved higher following gold.
Silver for December delivery on the MCX was 0.83 percent higher at 61,425 rupees per kg.
Most Popular Slideshows
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- Kendall Jenner Could Be Next Victoria's Secret Angel [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- Champions League Results: Barcelona Barely Escapes With A Win, Chelsea Fails To Hold On To The Lead [PHOTOS]
Join the Conversation
- Google Nexus 6 Release Date on Q4 2014 Confirmed by T-Mobile Featuring Wi-Fi Calling
- 2 Reasons Nexus 6 Release Date is Worth the Wait: Android L Data Encryption & Material Design
- Samsung Galaxy Note 4 vs. BlackBerry Passport — Specifications, Features, Release Date And Price Showdown
- 3 Signs Apple iPhone 6 Could be in Short Supply Following its Sept 19 Release Date
- Australia Actively Rallying Support For International Coalition Against ISIS
- iOS 8 Jailbreak Release Update: Pangu Devs Will Outrace Evad3rs in Rollout of iPhone 6, iPad Unlocker
- Micromax Canvas A1 Vs Spice Dream Uno Vs Karbonn Sparkle V: A Choice On Which Android Is The Best