Mumbai: Gold demand stayed weak in India, the world’s top buyer of the yellow metal, as prices touched a near two-month high.
At 3:26pm, the most-active gold for April delivery on the Multi Commodity Exchange (MCX) was trading 0.17% higher at Rs 28,422 per 10 grams, after rising as much as Rs 28,429, a level last seen on 14 December.
“Buying is slightly subdued on current levels,” said a dealer with a bullion importing private bank in Mumbai.
There was good demand below Rs 28,000 level, the dealer said.
A stronger rupee kept the upside in prices limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Silver too extended gains to a two-month high.
Silver for March delivery on the MCX was 0.72% higher at Rs 57,678 per kg, after hitting Rs 57,777, its highest level in two months.