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Aug 09, 2012, 03.49 PM IST
Indian gold futures extended gains for another session on Thursday, recovering from their lowest level in more than two weeks, while physical traders stayed away, unwilling to get stuck with high-priced stocks during the festival season.
The most-traded gold for October delivery on the Multi Commodity Exchange (MCX) was 0.11% higher at Rs 29,928 per 10 grams at 0929 GMT, after gaining 0.43% in the previous session.
The contract struck a low of Rs 29,756 on Tuesday, a level last seen on July 24.
Global gold inched up after China's economic data added to hopes for more monetary easing there, though most investors remained on the sidelines, looking for clear signals on possible economic stimulus in Europe and the United States.
Firmness in the rupee kept the upside in prices limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
The festival season starts in August in India, the world's biggest gold buyer in 2011, and continues till November.
"Gold is in the same range and the (physical) activity is very dull," said a dealer with a private bullion importing bank.
Physical demand has already halved in India, the world's biggest consumer in 2011, due to doubling of import duty to 4%. Deficient rains are likely to hurt demand from rural areas which consume about 60% of the country's gold imports.
Silver traded a tad higher following the yellow metal.
Silver for September delivery on the MCX was 0.25% higher at Rs 53,541 per kg.
Tags: Indian gold, gains, physical traders , stocks, Multi Commodity Exchange (MCX), gold, China, economic, monetary, Europe, United States, bullion
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