Indian gold price eases further from three-week high

Jan 07 2014, 19:02 IST
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On COMEX, February gold was down 0.08 percent at $1,237 an ounce (Reuters) On COMEX, February gold was down 0.08 percent at $1,237 an ounce (Reuters)
SummaryThe actively traded gold for February delivery on MCX was 0.22 percent lower at 28,910 Indian rupees per 10 grams

Gold price futures in India eased further from their highest level in three weeks, in line with global markets, though a weaker rupee limited the downside.

* The actively traded gold for February delivery on the Multi Commodity Exchange (MCX) was 0.22 percent lower at 28,910 Indian rupees per 10 grams at 1033 GMT, down from a high of 29,276 in the previous session, a level last seen on Dec. 16.

* Silver for March delivery on the MCX was down 0.41 percent at 45,185 rupees per kg. * Buying a new car? Prices for all models at your service!

* On COMEX, February gold was down 0.08 percent at $1,237 an ounce.

* The Indian rupee, which weakened on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* "Supplies are available to limited players and not all," said Haresh Soni, chairman of the All India Gems and Jewellery Trade Federation, adding premium was up to $130 an ounce on London prices.

* Indian gold imports may fall 70 percent in the final quarter of 2013 from 255 tonnes in the year-ago period and are expected to be half the usual levels at 500-550 tonnes next year if new import rules are maintained, a top trade body official said.

* To curb a rising trade gap, the Indian government slapped a record import duty of 10 percent, and tied imports for domestic consumption with exports. However, the government has indicated easing of restrictions to check smuggling.

* Following were the prices of gold and silver in rupees as of 1315 local time in the spot market, quoted by HDFC

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