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BW Businessworld

Gold Edges Higher Riding Festive Buying Crest

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India gold edged higher on Tuesday, helped by festival buying in the physical markets, although a strong rupee kept the upside in prices limited, dealers said.

* The most-active gold for December delivery was 0.26 per cent higher at 26,795 rupees per 10 grams, after hitting a high of 26,849 rupees.

* India, the world's biggest consumer of bullion, celebrates a series of festivals this week, when demand for bullion goes up.

* "Demand is pretty good... there was good demand across gold and silver from Dhanteras," said a dealer with a state-run bullion importing bank. Indians celebrated Dhanteras on Monday.

* The rupee was at 49.6100/6150 per dollar, stronger then its close of 49.8250/8350 on Monday, on positive local shares, steady euro. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

* Global gold prices held steady, as investors wait for European leaders to work out a strategy to solve the euro zone debt crisis at a meeting on Wednesday, while resilient physical demand from Asia also lent support.

(Reuters)


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economy commodities news 4 gold festival