MUMBAI, Sept 4 (Reuters) - Indian gold hovered around its
peak on Tuesday on global cues and a weaker rupee, with
importers waiting for bargains to stock up for festivals.
* The most-active gold for October delivery on
India's Multi Commodity Exchange (MCX) was 0.27 percent higher
at 31,367 rupees per 10 grams by 3:54, after hitting a high of
31,384 rupees earlier in the session. The contract had hit a
record high of 31,422 rupees on Monday.
* Overseas gold edged higher on Tuesday to the highest level
in more than five months after lacklustre manufacturing data
from around the globe fanned speculation of imminent easing
measures from central banks.
* The rupee, which hit its lowest level in a week, plays an
important role in determining the landed cost of the
dollar-quoted yellow metal.
* "Buying is zero... people will buy if prices fall to
30,000 rupees," said Haresh Acharya, head of bullion desk,
Parker Bullion, a wholesaler in Ahmedabad.
* The festival and wedding season is underway in India, the
world's biggest buyer 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
hit consumer budgets.
* Following were the prices in rupees at 1:15 pm, quoted
by Corporation Bank in the spot market :
Tuesday Monday
=============================================
Gold .999/10 grams 31,620 31,474
Silver .999/kg 60,825 60,067
At 3:54 pm, following were the prices in rupees on the
Multi Commodity Exchange of India Ltd <0#MAU:>:
Contract Current price Net change
=============================================
Oct gold 31,367 +84
Sept silver 60,070 +351
