Gold importers wait for price declines

Indian gold importers sought bigger price falls on Friday, even as the yellow metal extended losses for a fourth session, with traders awaiting US Federal Reserve Chairman Ben Bernanke’s speech later in the day

• The key gold for October delivery on the Multi Commodity Exchange (MCX) was 0.09 per cent lower at Rs 30,810 per 10 grammes, after losing 0.74 per cent in the previous three sessions. 
   
• “Demand is slow... everybody is eyeing that statement from Bernanke," said Ketan Shroff, director at Pushpak Bullion, a wholesaler in Mumbai. 
   
• The festive and wedding season is now underway in India, the world's biggest buyer of bullion, and will continue till November. 
   
• Gold imports to India are likely to fall by as much as 26 per cent, or by 200 to 250 tonnes, in 2012, as record high prices hit consumer budgets. 
   
• Silver also edged lower, following the yellow metal. 
   
• Silver for September delivery on the MCX was 0.22 per cent lower at Rs 56,830 per kg.