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Apr 8, 2013

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http://www.moneycontrol.com/news/commodities/gold-edges-lower-traders-seek-more-falls_848804.html

Gold edged lower on Monday, weighed by a stronger rupee while traders are still waiting for more declines as they gear up to build stocks for the upcoming wedding season.

 

* The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was Rs 151 lower at Rs 29,615 per 10 grams at 3:11 p.m.

 

* The rupee, which traded stronger, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

 

* "A few deals are there since morning as prices are out of comfort level. We have seen need-based activity rather than building up on inventory, looking at the price levels," said a dealer with private bullion importing bank.

 

* Weddings will start now in India, the world's biggest buyer of gold, and continue till early June. Festivals will also take place during this period.

 

* India has been trying to curb imports to put a lid on the record-high current account deficit. The federal government raised the import duty on gold, which it called a dead investment, by 50 percent to 6 percent in January.

 

* Finance Minister P. Chidambaram suggested last week the government was unlikely to raise the import tax on gold further to avoid gold smuggling.

 

* May silver was 0.50 percent lower at Rs 51,309 per kg.

 

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Posted: Monday April 8, 2013, 8:23 pm
Tags: black hawk watch fraud mining [add/edit tags]

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Neomi Ruta (0)
Monday April 8, 2013, 8:31 pm
Mining is important. Period!

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Neomi Ruta
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