Monday, 3 September 2012

MCX Gold Trading Importers Wait For Price Declines

Indian MCX gold very importers sought bigger rate falls on Friday even as the yellow metal extended losses for a fourth session, with gold trading awaiting US Federal Reserve Chairman Ben Bernanke's speech later in the day for direction. More Information about mcx gold trading tips visit my site

* The key MCX gold trading for October delivery on the MCX was 0.08% lower at Rs 30,810 per 10 grams, after losing 0.75% in the previous three sessions.

* "MCX Gold Demand is slow... everybody is eyeing that statement from Bernanke," director at Pushpak Bullion, a wholesaler in Mumbai.

* The festival and wedding season is now underway in India, the world's biggest buyer of bullion, and will continue till November.

* MCX Gold imports to India are likely to fall by as much as 25%, or by 200 to 250 tonnes, in 2012 as record high prices hit consumer budgets.

* MCX Silver also edged lower following the yellow metal.

* MCX Silver for September delivery on the MCX was 0.22% lower at Rs 56,830 per kg.

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