Monday, March 18, 2013

MUMBAI (Reuters) - Gold prices in India extended gains on Monday to hit the highest level in 10 days, attempting to reclaim the keenly watched 30,000 rupee mark, helped by a weaker rupee and firm overseas markets.
* At 2:57 p.m., gold for immediate delivery on the Multi Commodity Exchange (MCX) was 0.65 percent higher at 29,565 rupees per 10 gram, after hitting a high of 29,644 rupees, a level last seen on March 7.
* Overseas gold rose above $1,600 for the first time in more than two weeks as a radical bailout package for Cyprus threatened to trigger fresh turmoil in the euro zone, driving investors to seek safety in gold.
* The rupee, which weakened on Monday following losses in domestic equity markets and a broad risk-off globally, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* "Demand is very low due to high prices and lack of liquidity before the year-end. Things will be clear in April," said Haresh Acharya, head of bullion desk, Parker Bullion.
* Weddings and festival season will re-start in April and continue until early June in India, the world's biggest buyer of gold.
* India has been trying to curb imports of gold, which has been called a dead investment by the federal government, to put a lid on record high current account deficit by raising import duty by 50 percent to 6 percent in January.

VIKAS KUMAR GUPTA
PGDM 2ND SEM

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