MUMBAI, Aug 8 (Reuters) - Indian gold stayed flat as a
weaker rupee outweighed leads from overseas markets, with
traders seeking direction in prices before booking deals to
stock for festival season.
* The most-active gold for October delivery on the
Multi Commodity Exchange (MCX) was at 29,802 rupees per 10
grams, up 0.12 percent at 0836 GMT, still near the previous
session's low of 29,756 rupees, a level last seen on July 24.
* Global gold was little changed on Wednesday after climbing
for three days, supported by hopes that Europe and the United
States would launch more stimulus measures to help shore up
their faltering economies.
* The rupee, which weakened on Wednesday, plays an important
role in determining the landed cost of the dollar-quoted yellow
metal.
* Physical buying still remained low as prices stayed near
the keenly watched 30,000 rupees mark, with traders bracing for
a bad season after expectations of deficient monsoon rains.
* "Festival demand is not materialising yet. Prices are
consolidating and not giving clear direction," said an official
from a private bullion importing bank.
* Rural areas, which depend on monsoons for yields and
income, contribute to about 60 percent of the country's demand.
* Silver traded lower following global leads.
* Silver for September delivery on the MCX was down
0.26 percent at 53,230 rupees per kg.
* Following were the prices in rupees at 1:15 p.m., quoted
by HDFC Bank in the spot market :
Wednesday Tuesday
=============================================
Gold .999/10 grams 29,860 30,005
Silver .999/kg 54,640 54,600
At 2:15 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 29,793 +26
Sept silver 53,220 -148
