Gold 1ozWe sell: $1,655
We Buy: $1,504
Silver 1ozWe sell: $26
We Buy: $21
Last updated 0:45 on 22 Oct, 2014
Prices are in $NZD and are indicative only, please call for a firm quote.
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(Reuters) - Indian gold futures rose to their highest level in a week on Monday due to a weaker rupee, prompting traders in the spot markets to retreat to the sidelines despite next month's peak wedding season demand, dealers said.
* The most-traded gold for April delivery on the Multi Commodity Exchange (MCX) was 0.21 percent higher at 28,041 rupees per 10 grams, after hitting 28,084 rupees, its highest since March 5.
* "There are very few deals as gold has recovered after a correction. Volumes were good, when market traded below $1,680 (an ounce)," said Pinakin Vyas, assistant vice-president with IndusInd Bank in Mumbai, a gold importer.
* The local market will wait for the outcome of a Federal Reserve meeting this week and for the Indian budget to be presented on Friday, Vyas said.
* The rupee, which traded weaker, plays an important role in determining the landed cost of the dollar-quoted gold.
* Silver traded lower tracking other industrial metals. Silver for May delivery on the MCX was trading 0.37 percent lower 58,835 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Aradhana Aravindan)