Gold importers in India continued to increase imports of the shiny metal to prepare for the shortage in the supply of gold during the end of the year because of closing for accounting.

The gold traders are stocking for the crucial wedding season in the country when the demand for gold rises in the country, which is the world’s largest consumer of gold. Traders are increasing imports because to stock for the season as well as to take advantage of the low prices in glboa markets.

The actively traded gold for February delivery on the Multi Commodity Exchange (MCX) fell 0.19 percent to 31,167 rupees per 10 grams this afternoon after touching 31,155 rupees in the market. The value of the Indian rupee, which recovered from early losses, impacts the price of dollar-denominated commodity.

The traders will reply on stocks for supplying the market as producers halt production during a fortnight of the calendar year for closing accounting. The imports rose against after falling due to weak demand from customers and weak rupee.

The appreciation of the rupee has also helped volumes in the international trade of gold, according to a dealer.