Indian gold importers pause as prices hit multi-week high
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Gold importers in India, the world's biggest buyer of bullion, paused on fresh purchases ahead of key festivals next week, as a weaker rupee helped the yellow metal hit its highest level in seven weeks.
At 1032 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.93 percent higher at 31,632 rupees per 10 grams, after hitting a high of 31,643 rupees, a level last seen on Oct. 1.
The rupee, which traded weaker on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Sales have slowed as prices jumped after Friday's dip... we are hopeful that sales will start again next week, said Harshad Ajmera, proprietor of Kolkata-based wholesaler JJ Gold House.
The festive season in India will peak with Dhanteras and Diwali next week, while the wedding season continues until December.
Overseas gold rose to a three-week high on Friday, on track for its first weekly gain in four, on hopes that U.S. monetary policy would remain loose after President Barack Obama's re-election and as worries about looming fiscal woes boosted bullion's appeal.
Silver also moved higher following the yellow metal.
Silver for December delivery on the MCX was 0.91 percent higher at 60,432 rupees per kg.