RTRS:Indian gold falls from peak, traders seek more
MUMBAI, Aug 28 (Reuters) - Indian gold prices fell half a
percent from its peak on Tuesday as investors chose to book
profits from a record rally, though jewellers waited for a
bigger fall in prices to stock for the festival and wedding
season.
* The most-traded gold for October delivery on the
Multi Commodity Exchange (MCX) was 0.52 percent lower at 30,909
rupees per 10 grams, after falling to a low of 30,893 rupees
earlier. Gold hit a contract high of 31,110 rupees on Monday.
* Overseas gold also fell on Tuesday after rising to its
highest level in nearly four months in the previous session, as
caution prevailed ahead of a central banker's meeting this week.
* Investors are also eyeing the rupee's movement, which
plays an important role in determining the landed cost of the
dollar-quoted yellow metal.
* "Demand is still not there as prices are still near the
high... there is disparity with local prices," said a dealer
with a private bank in Mumbai which sells imported bullion.
* The festival season is underway in India, the world's
biggest consumer 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
hits consumer budgets.
* Following were the prices in rupees at 4:15 p.m., quoted
by HDFC Bank in the spot market :
At 4:01 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 30,911 -159
Sept silver 57,585 -454
