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May 24, 2012, 05.51 PM IST
Gold demand in India, one of the world's top consumers, remained subdued on Thursday as local prices rose tracking a recovery in overseas markets and as the rupee hit a new all-time low against the dollar.
* The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was up 0.13% at Rs 29,006 by 4:29 pm.
* "Jewellery demand is very poor because prices are high and wedding season is almost ending," said Darshan Zaveri, an Ahmedabad-based retailer and whole seller.
* The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, hit a record low against dollar for the seventh straight session on Thursday.
* Global gold recovered to USD 1,560 an ounce on Thursday, from USD 1,530 in the previous session, but remained on shaky ground as worries about Greece and the euro zone continued to dominate market sentiment.
* The wedding season is coming to an end in India, while the festival season has ended. Gold demand is usually weak during monsoon months in the south Asian country and picks up in September.
* "Demand could improve in September as people would start purchasing for the upcoming festivals and weddings," Zaveri said.
* In volume terms, gold demand in the first quarter of 2012 fell 29% in India, with the sharpest fall coming in investment demand segment - which tumbled 46%.
* Gold demand in India is likely to moderate in 2012 as higher inflation trims disposable income at a time prices are stubbornly high on a weak rupee, the head of the World Gold Council in the country told Reuters on May 17.
May 23 2013, 16:33
- in Asian markets
May 23 2013, 09:33
- in Technicals