MUMBAI, Aug 30 (Reuters) - Indian gold extended losses on
Thursday to trade close to its lowest level in a week, with
local importers eyeing Federal Reserve chairman Ben Bernanke's
speech that could stoke expectations of a third round of easing.
* The most-active gold for October delivery on the
Multi Commodity Exchange was 0.11 percent lower at 30,813 rupees
per 10 grams, after hitting a low of 30,734 rupees in the
previous session, a level last seen on Aug. 24.
* Gold importers, who sought to stock for the wedding and
festival season, also waited for a bigger fall in prices.
* "There is lesser buying as prices are still high," said
Lokesh Kumar Agarwal, chairman, Brijwasi Bullion, a wholesaler
in Lucknow. He said buying could revive if prices fall to 30,000
rupees.
* The festival and wedding season is now underway in India,
the world's biggest buyer of bullion, and will continue till
November.
* Gold imports to India are likely to fall by as much as 26
percent, or by 200 to 250 tonnes, in 2012 as record high prices
hit consumer budgets.
* Silver also edged lower following the yellow metal.
* Silver for September delivery on the MCX was 0.23 percent
lower at 57,427 rupees per kg.
* Following were the prices in rupees at 4:15 p.m., quoted
by HDFC Bank in the spot market :
Thursday Wednesday
=============================================
Gold .999/10 grams 30,100 31,136
Silver .999/kg 60,175 60,197
At 2:27 p.m., following were the prices in rupees on the
Multi Commodity Exchange of India Ltd <0#MAU:>:
Contract Current price Net change
=============================================
Oct gold 30,810 -37
Sept silver 57,428 -131
