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.
- Gold Steady after Slide as Ukraine Fears Ease
- Gold Jumps more than 1 Percent on Crisis in Ukraine
- Gold Heads for Biggest Monthly Gain Since July
- 'The Voice' Season 6 (2014) Blind Auditions Week 3 Episode 5 Spoilers, Recap: More Artists Perform in the Final Week of Blind Auditions
- GTA Online: Patch Files Reveal Heist Details
- 'The Voice' USA 2014 Recap: Shakira Turns Out to be Biggest Loser in Final Week, Blake Gains