Gold Prices Hit One-Week High
December 18, 2012 3:22 PM IST
The wedding season in India, the world's biggest buyer of the metal, will continue until early January and gold is an important gift item at marriages.
"Buying is a little slow as people are waiting for a price correction," said Ketan Shroff, director, Penta Gold, a wholesaler in Mumbai.
- FOLLOW US
- Follow @ibtimesindia
The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was up 0.34 percent at 31,437 rupees per 10 grams. It hit 31,467 rupees earlier, its highest since December 12. The contract gained 0.5 percent in the previous two sessions.
In the global markets, gold edged higher, hovering around a key resistance at $1,700 an ounce on Tuesday, as investors watched U.S. lawmakers inch towards a deal to avert a fiscal disaster.
Investors also awaited direction from a flat rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Silver also extended gains on Tuesday, trading 0.78 percent higher at 61,965 rupees per kg.
- Premium Exploration Advances North Idaho Project as Gold Prces Improve
- Gold up for Second Day on Bargain Hunting, Physical Demand
- Gold Struggles Below $1,300, Hovers Near Six-week Low
- Lorde and Flume’s ‘Tennis Court’ Remix A Hit [VIDEO]
- From Mahesh Babu's 'Aagadu' to Ram Charan's 'Govindudu Andarivadele': Upcoming Big Projects in Telugu Film Industry
- Olympic Swimmer Michael Phelps Returns