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Indian gold traders stay on the sidelines amid high premium

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Mumbai: 

Most gold traders in India stayed on the sidelines on Friday amid high premiums on scarce stocks, while prices of futures consolidated at the keenly watched 30,000 rupee mark.

India celebrated Dhanteras, the biggest gold buying festival, and Diwali earlier this month, when scarcity of the yellow metal and high prices pushed consumers to buy silver and diamond jewellery.

The wedding season is underway in the world's biggest buyer of gold.

"Sales have reduced by 75 percent. Supply is a big problem, we are getting limited supplies from MMTC and others," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in Kolkata. He added premiums were steady at $70 an ounce to London prices.

Overseas gold edged above three-week lows at $1,308 an ounce, but was still set for a second week of losses as the dollar steadied after a European Central Bank's surprise interest cut and ahead of a crucial U.S. jobs report.

The most-active gold for December delivery was 0.35 percent higher at 30,022 rupees per 10 gram at 1259 GMT on the Multi Commodity Exchange (MCX).

Silver for December delivery was 0.65 percent higher at 48,754 rupees per kg on the MCX.

Copyright: Thomson Reuters 2013

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