Gold prices inch up on wedding season demand

Tags: Gold Prices, News
Gold prices in India, the world's biggest buyer of bullion, rose on Friday, supported by wedding season demand and as the rupee weakened against the dollar.

At 5:18 p.m., the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.23 percent higher at 31,527 rupees per 10 grams.

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

"Wedding season demand is underway and is likely to improve further from the last week of November. We expect prices to touch 32,800 rupees by December," said Ghanshyam Nichani, owner of Dhanraj Jewellers in Mumbai.

The wedding season in India will taper off in December.

Overseas gold inched down on Friday, heading for a weekly loss of about 1 percent, as festering uncertainty over the outlook for the global economy dragged on prices.

Silver, however, traded lower on Friday, tracking global cues.

Silver for December delivery on the MCX was 0.27 percent lower at 60,742 rupees per kg.

EDITORIAL OF THE DAY

  • The solution to tackling recurrent droughts is in managing consumption of water, not its overuse

    A staggering 33 crore people or more than a quarter of the country’s population are in the grip of drought and consequently, face drinking water sho

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Tushar Gandhi

An unexplored side of rural enterprise

What is rural enterprise? Ask this qu­estion and 9 out ...

Kuruvilla Pandikattu

Black and white of morality

Would you kill one innocent person to save five? Choose ...

Shona Adhikari

Let's head to Bangalore & catch up on art

Bangalore art scene is bang in the middle of news, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture