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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (29445)	11/24/2008 10:50:12 PM
From: LoneClone	Read Replies (1) \| Respond to of 193482

UPDATE 1-India gold demand rises on safe-haven buying Mon Nov 24, 2008 3:56pm IST in.reuters.com (Updates to trends in the physical market) * Spot gold firm at $817.15 an ounce <XAU=> * London Brent crude down at $48.98 a barrel LCOc1 * Rupee weak at 50.11 per dollar <INR=IN> * U.S. existing home sales data for October 8:30 p.m. [MI/DIARY] MUMBAI, Nov 24 (Reuters) - India's gold demand rose on Monday despite a sharp rise in prices as investors rushed for safe-haven buying amid a fall in other asset classes, dealers said. "Retail demand has come down a bit, but demand from jewellers and investors are still strong," said Madan Jain of Auro Gold Jewellery Pvt Ltd. The yellow metal is attracting more investors as prices have risen in the last few days, while other asset classes like equity markets have been declining, he said. The benchmark December contract MAUZ8 has gained about 11 percent so far in November, while the 30-share BSE Index .BSESN fell 9 percent during the period. Domestic gold futures erased early losses and rallied on a weak rupee, analysts said. The Indian rupee weakened in afternoon trade on Monday as shaky local shares failed to provide traders clarity on fund flows, but some dollar sales by exporters prevented the unit from falling sharply. India, the world's largest gold consumer, imports most of its demand. A weak rupee makes imports costlier and pushes up domestic prices. "We are facing a supply shortage in the market due to heavy demand," said a dealer with a large private bank. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. INBULL03: Monday Friday ================================================ Gold .999/10 grams 12,930 12,450 Silver .999/kg 16,580 16,010 Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 3:41 p.m. <0#MAU:>: Contract Current price Net change ====================================================== Dec gold 13,104 229 Dec silver 16,730 245 (Reporting by Debiprasad Nayak, editing by Prem Udayabhanu)