Gold demand in India rose this week due to a festival and as local prices adjusted to an appreciating rupee, while higher prices kept a check on demand elsewhere in Asia.
The appreciation of rupee could continue in the short term, but in the long-term, experts feel that the rupee will weaken against the USD.
Jewellery sellers in India lost out on the opportunity to make large sales on Gudi Padwa festival, considered to be an auspicious day to buy gold, due to a strike called to protest duty raises in last week's budget.
Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.