Demand for gold in India, one of the world's top consumers, remained subdued on Monday as local prices rose tracking overseas gains 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 0.54% at Rs 29,129 by 5:02 p.m. The contract hit a low of Rs 27,855 on May 16, the lowest level since April 4.
* "In a week, the prices have risen over Rs 1,000. Buyers are finding it difficult to adjust with the price rise. They are waiting for a correction," said a Mumbai-based dealer with a private bank, which imports bullion.
* Global gold inched up towards USD 1,600 an ounce on Monday, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis continued to feed caution in the financial markets.
* The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. The rupee hit a new record low of 55 per dollar on Monday, from Friday's closing of 54.42-44.
* "The festival season is already over. The wedding season is coming to an end. We are now heading towards a traditionally lean demand season. Jewellers will do restocking only if prices fall sharply," the bank dealer said.
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