RTRS:India gold traders step up buys; silver prices higher
(Reuters) - Gold traders in India, the world's biggest buyer of bullion, stepped up buying for the upcoming wedding season, as gold prices stayed near the week's trough, giving silver a boost.
* The most-active gold for February delivery on the Multi Commodity Exchange MCX.L was 0.35 percent higher at 27,633 rupees per 10 grams at 1 : 24 p.m., recovering from a previous session's low of 27,476 rupees, a level last seen on January 3.
* "Demand is good from bullion traders as upside chances are more," said a dealer with a state-run, bullion dealing bank in Mumbai.
* Premiums on London prices stayed steady at $2 per ounce.
* Silver for March delivery also rose by more than half a percent, before trading at 52,817 rupees per kg.
* Traders will also eye the movement in the rupee, which traded steady. The rupee plays an important role in determining the landed cost of the dollar-denominated precious metals.