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Apr 18, 2012, 01.30 PM IST
MARKETS-INDIA-GOLD-SILVER-AKSHAYA-TRITIYA:Indian gold buying lacklustre; festival eyed
* The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was 0.22 percent lower at 28,497 rupees per 10 grams following weak global markets and a stronger rupee.
* "Gold sales are not on expected lines. People have to show more adjustment to current price levels," said Harshad Ajmera, proprietor of JJ Gold House from Kolkata, adding additional buying could come in at 27,500 rupees.
* Wedding season is at its peak now, and Akshaya Tritiya, one of the biggest gold buying festivals, falls later this month.
* Gold in the overseas market edged down weighed by a stronger dollar, but safe-haven demand could keep a floor under prices.
* The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, also weighed on sentiment.
* Silver for May delivery on the MCX was 0.39 percent lower 55,700 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy