Moneycontrol
Jun 13, 2012 06:07 PM IST | Source: Reuters

Gold hovers above Rs 30,000, demand slack

Indian gold traded just a tad above the keenly-watched Rs 30,000 mark on Wednesday, with traders unwilling to get stuck with high priced inventory in a seasonally slack demand period.

Gold hovers above Rs 30,000, demand slack

Indian gold traded just a tad above the keenly-watched Rs 30,000 mark on Wednesday, with traders unwilling to get stuck with high priced inventory in a seasonally slack demand period.

* At 0941 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.15% higher at Rs 30,014 per 10 grams. The contract had struck a record of Rs 30,295 on June 6.

* "Demand is zero as prices are higher," said Haresh Acharya, head of bullion desk, Parker Bullion.

* Gold demand in India is likely to remain sluggish in the coming months due to a lack of weddings and festivals during the monsoon.

* In the overseas market, gold rose a tad due to a weaker dollar. Investors will be eyeing the weekend Greek election and next week's FOMC meeting for direction in prices.

* Silver futures also traded flat.

* Silver for July delivery on the MCX was 0.09% higher at Rs 55,125 per kg.

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