RTRS:Gold importers at bay as prices hover near peak
(Reuters) - Gold importers in India, the world's biggest buyer, on Thursday were unwilling to get stuck with stocks of the yellow metal, whose prices hovered near a record high, even as a key Federal Reserve policy decision neared.
India celebrates Ganesh Chaturthi next week, when gold buying edges up. Festivals and weddings will continue till November.
"Buying is still not there... People are expecting to get direction from U.S. Fed," said a dealer with a private bank in Mumbai, which imports bullion. "There could be some buying if there is a correction till 30,500-31,200 rupees."
The market is buzzing with hopes that the Fed will announce another round of quantitative easing, known as QE3, at the conclusion of a two-day policy meeting later in the day.
The most-traded gold for October delivery was 0.21 percent higher at 31,933 rupees per 10 grams, after hitting a high of 31,964 rupees, still near Wednesday's record high of 32,105 rupees.
Silver eased for another session as investors booked profits from record rally.
Silver for December delivery on the MCX was 0.21 percent lower at 63,165 rupees per kg, after hitting a record high of 64,755 rupees in the previous session.
