RTRS: Indian gold importers stay away seeking price direction
(Reuters) - Indian gold importers took to the sidelines on Wednesday, seeking price direction during the ongoing wedding and festive season as prices stayed steady near its peak.
The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.01 percent lower at 30,945 rupees per 10 grams. The contract touched a record high of 31,110 rupees on Monday.
"Sales are slow, there are no takers at these prices," said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.
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.
Silver also traded steady in tandem with the yellow metal.
Silver for September delivery on the MCX was 0.06 percent higher at 57,640 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Anand Basu)
