Indian gold traders refrained from taking fresh positions on Wednesday as the yellow metal rose for a sixth straight session to hit its highest level in nearly two months.
Indian gold traders refrained from taking fresh positions on Wednesday as the yellow metal rose for a sixth straight session to hit its highest level in nearly two months.
* At 0854 GMT, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 0.32 per cent higher at Rs 30,415, having earlier struck a high of Rs 30,440, a level last seen on June 26.
* Global gold gained slightly to hover near a 3-1/2 month high hit in the previous session as investors remained hopeful the European Central Bank would soon take action to contain the region's debt crisis.
* The festival season is underway in India, the world's biggest buyer of bullion. Gold imports have already halved so far this year and a likely drought could further dent rural demand.
* "Currently sales are lower... there could be some demand in coming months," said S.L. Jain, president, Chandani Chowk Jewellers Association in New Delhi.
* Gold imports during the September-December peak demand season could fall by 40 per cent on year to 200 tonnes, the head of a trade body said.
* Rural areas, which depend on monsoon rains for yields and income, contribute to about 60 per cent of the country's demand.
* Silver also moved higher tracking the yellow metal.
* Silver for September delivery was 0.38 per cent higher at Rs 55,451 per kg.
Copyright @Thomson Reuters 2012
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