SENSEX NIFTY
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.

ADS BY GOOGLE

video of the day

Rules of stock-picking: Perils of becoming a fund manager

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.