Published on Wed, Mar 03, 2010 at 15:37 | Source : Reuters
Updated at Wed, Mar 03, 2010 at 16:06
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India gold demand stays weak as prices jump
India gold demand remained weak for a second day on Wednesday as prices traded above the most-watched 17,000 rupees-mark after an overnight jump, but a strong rupee, which made the dollar-quoted asset cheaper, aided sentiment.
India gold demand remained weak for a second day on Wednesday as prices traded above the most-watched 17,000 rupees-mark after an overnight jump, but a strong rupee, which made the dollar-quoted asset cheaper, aided sentiment.
"Thin trade is continuing even today as prices are on the higher side, last week we saw some good deals," said a dealer with a state-run bank in Mumbai.
The most-active April gold contract on the Multi Commodity Exchange (MCX) was trading 0.03% higher at Rs 17,025 per 10 grams, after gaining over 1% in the last session.
International spot gold, which guides the domestic market, was trading USD 1,136.00/1,116.80 an ounce as against the previous close of USD 1,134.50/1,135.30 an ounce.
"Last week, demand was decent at USD 1,100, we have orders in the range of USD 1,110-1,115," said another state-run bank dealer.
The rupee continued to trade close to its highest level in six weeks on Wednesday afternoon as broad weakness in the dollar versus majors and gains in domestic shares cheered sentiment.
