Reply #10: Gold up in India; metals, oil fall globally

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http://timesofindia.indiatimes.com/business/india-business/Gold-up-in-India-metals-oil-fall-globally/articleshow/10913050.cms

NEW DELHI: Gold rose marginally in the domestic market due to a depreciating rupee even as global crude and metal prices beat a retreat on fresh fears of a global slowdown with China warning of a recession. US lawmakers added to the global gloom by their inability to forge a consensus on a $1.2 trillion debt reduction plan.

Gold rose by Rs 35 to Rs 29,240 per 10 grams in Delhi on buying for the ongoing marriage season although silver closed Rs 550 a kg lower at Rs 55,850 per kg as industrial units, facing economic slowdown, refrained from purchasing the white metal.

The domestic gold market bucked the global trend, where the prices of yellow metal declined 1.5% amid rising dollar and government debt worries in Europe and the US. In the international spot market, gold was down 0.8%, $1,711 an ounce at around 7.30PM IST, off an intra-day low of $1,699. It fell 3.5%, and traders are betting on a further fall. But with the rupee depreciating against the dollar, there may not be too much to cheer for Indian consumers during the current marriage season.

Other metals also fell globally, led by copper. The metal, seen as an advance indicator of economic activity, hit its lowest in nearly a month with investors mired in worries over Europe's debt.