Gold Importers Stay Away As Prices Near 2-Month High

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MUMBAI – Gold importers in the country, the world’s biggest buyer of the metal, continued to be on the sidelines as prices steadied near their highest level in more than two months. 

The wedding season is now underway in the country and will continue until early January. Demand for the yellow metal normally goes up during this period. 

“There are no buyers at these levels… there are a few investors who are selling and booking profits,” said Mayank Khemka, managing director of Khemka Group, a bullion wholesaler in New Delhi. 

The actively traded Gold for December delivery on the Multi Commodity Exchange (MCX) was 0.15 percent higher at 32,403 rupees per 10 grams at 0942 GMT, near the previous day’s high of 32,464 rupees, a level last seen on Sept. 19. 

Overseas gold traded in a tight range around $1,750 an ounce on Tuesday, as traders moved to the sidelines. 

Silver also edged higher following the yellow metal. 

Silver for December delivery on the MCX was 0.28 percent higher at 63,915 rupees per kg.

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