Gold prices in India drop to near 1-month low, demand sluggish
- BJP rift grows wider, Jaswant hits out, Sushma âsaddenedâ
- Govt makes new ordinance move, now for a varsity at Soniaâs seat
- China investigating new images of possible debris of missing Malaysian jet
- Sena warns its ally: Advani era is not yet over in Indian politics
- Murdered Bihar teacher was popular, taught both Hindus, Muslims for free
Gold prices in India fell to their lowest in nearly one month on Thursday, tracking overseas markets, but spot demand was subdued as jewellers hugged the sidelines hoping for prices to drop further.
At 0815 GMT, the benchmark October contract on the Multi Commodity Exchange (MCX) was 1.36 percent lower at Rs 30,265 per 10 grams. It hit a low of Rs 30,200 earlier in the day, a level last seen on Aug 16.
"Demand is weak. Buyers are waiting for prices to fall below Rs 30,000. They are comfortable with buying around Rs 29,500. At that level, they can start restocking for the festival season," said Daman Prakash Rathod, director with Chennai-based wholesaler MNC Bullion.
The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. It eased on Thursday.
In the overseas market, gold fell more than 1 percent to its lowest level in four weeks on Thursday, as hope grew that a US strike on Syria could be avoided and on expectations the US Federal Reserve would start to unwind its monetary stimulus soon.
The customs department issued guidelines for gold imports last week. India is the world's top consumer of the metal.
Silver for September delivery on the MCX was 1.69 percent lower at Rs 51,554 per kg.
- Mamata slams Cong, BJP for passing Telangana Bill
- Mollah calls for Muslim-Dalit ‘Maha Jot’ to defeat Left, TMC
- Didi releases party manifestos, reflects ‘national ambition’
- Rs 700-crore hawala racket busted, Surat trader’s home, office raided
- Just a click away, one stop data on over 10 lakh criminals
- The age of individualism