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Business News/ Opinion / Online-views/  Gold eases from 2-week high; still hold traders at bay
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Gold eases from 2-week high; still hold traders at bay

Gold eases from 2-week high; still hold traders at bay

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At 1:34pm, the most-active December gold on the Multi Commodity Exchange (MCX) was 0.25% lower at 28,989 rupees per 10 grams, retreating from the previous session’s two week high of 29,186, a level last seen on 16 November.

The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, surged to a near two-week high on Thursday. A stronger rupee makes the yellow metal cheaper.

Physical traders were unwilling to get stuck with high priced stocks and waited for a price dip. Premiums charged on London prices stayed steady at $1-1.2 an ounce.

“Demand is okay... premiums seem steady," said a dealer with a private, bullion-importing bank in Mumbai.

Wedding season will peak this month in India, the world’s biggest buyer of bullion.

Silver futures traded lower on Thursday following overseas markets. The most-traded December silver on the MCX was down 0.40% at 55,300 per kg.

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Published: 01 Dec 2011, 02:04 PM IST
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