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Gold falls below Rs 29,000

April 12, 2013 16:30 IST

Gold prices in India, the world's biggest buyer of the metal, fell below the Rs 29,000 mark, a level keenly watched by importers and jewellers to re-stock gold for weddings and festivals.

The most-active gold contract for June delivery on the Multi Commodity Exchange (MCX) hit a low of Rs 28,945, before trading Rs 179 lower at Rs 29,005 per 10 grams at 3:33 pm.

The wedding season has begun in India and will continue till early June. Akshay Tritiya, the second biggest gold buying festival after Dhanteras, also falls in this period.

Siddesh Mayenkar in Mumbai
Source:
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