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Gold traders pick bargains for second day

business Updated: Dec 09, 2010 16:09 IST
Reuters
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Gold traders picked bargains for a second session on Thursday afternoon as prices steadied around their two-week low, though some traders awaited better deals to stock up for weddings, dealers said.

"Traders have responded well to this price fall. I booked about 100 kgs from morning at current levels," said a dealer with a state-run bullion importing bank in Mumbai.

The most-active February contract was trading 0.17% higher at 20,583 rupees per 10 grams, still down 1.7% from the all-time high of 20,924 rupees struck on Dec. 7.

"A further fall in prices to about 20,000 rupees could boost appetite," said another dealer with a private-run bullion dealing bank.

The wedding season that follows Dhanteras and Diwali festivals is underway in India and will continue till end-December, sustaining the demand for the yellow metal.

The country accounts for 20% of global demand for gold jewellery.

In July-September, the country imported 214 tonnes of gold, up 21.6% on year, the World Gold Council said.

Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p m: on Thursday and Wednesday

Gold .999/10 grams 20,590 20,683

Silver .999/kg 44,530 45,090

Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 2:14 p m:

Contract Current price Net change

Feb gold 20,582 +33

Mar silver 43,527 +386

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