RTRS:Indian gold importers retreat as prices recover
(Reuters) - Gold importers in India retreated on Tuesday after booking deals as prices recovered partially from their lowest level in two weeks.
* The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.21 percent higher at 31,500 rupees per 10 grams, recovering from the previous session's 31,272 rupees, a two-week low.
* "There are a few stray deals... yesterday there was good demand due to rupee appreciation," said a dealer with a private bullion importing bank in Mumbai. "Volume wise seasonal period demand is still not materialising."
* India, the world's biggest consumer, is in the middle of the festival and wedding season, which will peak in November and taper off in December.
* The yellow metal dropped in the previous session to its lowest level since Sept. 7, weighed by a stronger rupee and as data showing weak German business sentiment hurt the euro.
* The rupee, which traded firm on Tuesday, kept the upside in prices limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Silver also edged higher following the yellow metal.
* Silver for December delivery on the MCX was 0.56 percent higher at 62,760 rupees per kg.
* Following were the prices gold and silver in rupees at 1:15 p.m., quoted by HDFC Bank in the spot market :
Tuesday Monday
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Gold .999/10 grams 31,675 31,490
Silver .999/kg 64,010 62,980
At 2:12 p.m., following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>:
