Friday, May 2, 2008

India spot gold prices close 1.3 percent lower; revives domestic demand

MUMBAI (Thomson Financial) - India spot gold prices closed 1.3 percent down, led by overseas leads, triggering domestic demand ahead of the festival and wedding season, traders said.
In London, gold slipped to a fresh four-month low of $844.90 an ounce in early afternoon trade after U.S. employment data came in better than expected, boosting the dollar amid hopes that the world's biggest economy could be turning a corner.
Most physical buyers took this opportunity to buy at lower levels, said a treasury official at India's state-run Corporation Bank.
The Indian festival of Akshaya Tritiya is due in India on May 7 and is considered to be an auspicious day for buying gold and silver.
Mumbai gold of 0.995 purity closed 145 rupees lower at 11,255 rupees per 10 grams, while gold of 0.999 purity closed 150 rupees lower at 11,310 rupees per 10 grams.
Silver of 0.999 purity closed 385 rupees lower at 22,330 per kilogram.

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