Gold Extends Losses for Fourth Day
November 30, 2012 9:39 PM EST
Gold importers in India, the world's biggest buyer of the metal, continued to pile up bargain stock in view of the wedding season, as prices extended losses for a fourth day to hit their lowest level in two weeks.
* The wedding season is at its peak in India, and will continue until early January. Normally, demand for the yellow metal goes up during this period.
* "There is buying, though it is less than expected," said Haresh Acharya, head of bullion at Parker Bullion, adding "people feel both gold and rupee will come down."
* The actively traded gold for December delivery on the Multi Commodity Exchange (MCX) fell to 31,437 rupees per 10 grams on Friday, a level last seen on November 16, before trading 0.21 percent lower at 31,513 rupees at 0851 GMT as a firm rupee weighed on sentiment.
* The contract has shed 2.41 percent in the previous three sessions.
* The rupee, which traded stronger on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Gold edged up in the overseas market, but prices were on track for their biggest weekly drop since the start of the month with uncertainty over the crucial U.S. talks to avert a fiscal crisis continuing to hit sentiment.
* Silver for December delivery was 0.30 percent lower at 62,861 rupees per kg.
Most Popular Slideshows
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Brad Pitt Still in Love with Ex-Wife Jennifer Aniston, Staying with Angelina Jolie for Sake of Kids, Claims Brad's Psychic
- 2014 MTV Video Music Awards: Everything To Know [PHOTOS]
- Miranda Kerr Broke Her Silence: Not Pregnant With James Packard’s Baby [PHOTOS]
Join the Conversation
- Worldwide Appetite for Gold Slumps 16% in 2Q 2014 – WGC
- Gold in China: 127-Tonne Gold Reserves Tapped in Xinjiang
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- James Foley Beheading Video Has Play-Acting Portions – Video Experts Say
- Apple iPhone 6 Release Date, iPhone 6C or 6L Anticipation: Three Things Should Matter To New Phone Shoppers
- Upcoming Sony Xperia Z3 With Dual-SIM Support Gets Approved In China; Full Specifications Revealed; Amber-Coloured Xperia Z3 Tipped
- More Nexus 8/Nexus 9 Release Confirmed with More Leaks and Out of Stock Nexus 7 and 10
- James Foley: Release of Beheading Video by ISIS Meant to Attract More Recruits to Join the Cause – Intelligence
- 2015 Ford Mustang: Right-Hand Drive Pony Car To Be Available In Australia Next Year
- Google Works on Powering Up Chromebook Line to Kill Competitors, Nvidia Joins with Acer for New Killer Laptop