Gold importers await price direction

Nov 06 2012, 14:58 IST
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Gold importers in India stayed on the sidelines awaiting price directions ahead of potential policy spin-offs from the U.S. presidential elections.   (Reuters) Gold importers in India stayed on the sidelines awaiting price directions ahead of potential policy spin-offs from the U.S. presidential elections. (Reuters)
SummaryGold importers in India stayed on the sidelines awaiting price directions ahead of potential policy spin-offs from the U.S. presidential elections.

Gold importers in India stayed on the sidelines awaiting price directions ahead of potential policy spin-offs from the U.S. presidential elections.

At 0738 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was flat at 30,897 rupees per 10 gram.

A few stray deals are there since morning as the rupee is the main problem after prices zoomed from Friday's levels, said a dealer with a private bullion importing bank in Mumbai, adding people were closely watching the U.S. presidential elections for its impact on the currency market.

U.S. President Barack Obama and Republican candidate Mitt Romney are engaged in frantic last-minute campaigns in swing states. A Romney victory may weigh on gold prices as hopes for further monetary easing may dim, hurting prospects for bullion.

Gold buying will peak in India, the world's biggest buyer of the metal, during Dhanteras and Diwali next week. Weddings will also take place during this period.

Silver also traded on a steady note following the yellow metal.

Silver for December delivery on the MCX was 0.10 percent higher at 58,635 rupees per kg.

The following were the prices of gold and silver in rupees at 1:15 p.m. in the spot market, quoted by HDFC Bank.

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