RTRS:Indian gold importers wait for price declines; Fed eyed
Aug 31 (Reuters) - Indian gold importers sought bigger price falls on Friday even as the yellow metal extended losses for a fourth session, with traders awaiting U.S. Federal Reserve Chairman Ben Bernanke's speech later in the day for direction.
* The key gold for October delivery on the Multi Commodity Exchange (MCX) was 0.09 percent lower at 30,810 rupees per 10 grams, after losing 0.74 percent in the previous three sessions.
* "Demand is slow... everybody is eyeing that statement from Bernanke," said Ketan Shroff, director at Pushpak Bullion, a wholesaler in Mumbai.
* 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 0.22 percent lower at 56,830 rupees per kg.
* Following were the prices in rupees at 1:15 p.m., quoted by Corporation Bank in the spot market :
Friday Thursday
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Gold .999/10 grams 31,024 30,953
Silver .999/kg 57,751 58,211
At 2:21 p.m., following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>:
