 "Gold falls from peak, fails to attract physical buyers")
Indian gold buyers waited for better bargains on Wednesday despite domestic prices coming off the previous day’s peak in the middle of the wedding season, traders and analysts said.
* The most-active gold contract for December delivery on the Multi Commodity Exchange (MCX) was trading 0.27 percent lower at Rs29,092 per 10 grams, falling from the previous session’s all-time high of Rs29,212.
[caption id=“attachment_132636” align=“alignleft” width=“380” caption=“Prices are too high for average people right now, say experts. AFP”]
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* A weaker rupee kept the downside in prices limited, they added. The Indian rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, fell 0.5 percent on Wednesday and hit a new, near 32-month low.
* Physical traders sought bigger falls to stock for weddings season, which will continue till December, with premiums charged on London prices remaining steady at $1.20-1.40 an ounce.
* “Prices are too high for average people,” said Sanjeev Garg, director with Delhi-based LMJ International, a commodities trading house.
* “The market is dead… we haven’t changed premiums for last 2 weeks as there is no demand,” said a dealer with a private bullion importing bank in Mumbai.
Reuters