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Gold steady with global markets, rupee may weigh

Gold steady with global markets, rupee may weigh
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First Published: Fri, Nov 04 2011. 02 31 PM IST

Updated: Fri, Nov 04 2011. 02 31 PM IST
Mumbai: Gold futures were steady on Friday afternoon in step with overseas markets, though a strong rupee could weigh on sentiment later in the day, dealers said.
At 1:15pm, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.06% lower at Rs 27,971 per 10 grams.
Overseas spot gold was almost flat at $1,761.65 an ounce, but headed for its second week of gains. On Thursday, gold rose to $1,767.40, its strongest since 22 September. It had reached a record around $1,920 in September.
The rupee strengthened in afternoon trades on Friday nudged by firm local equities but strong dollar demand, most likely for defence-related payments, limited the rise, traders said.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
Physical buying slowed as traders refrained from placing fresh positions at keenly watched Rs 28,000 mark.
“Buying is not there, it will be like that for some time,” said a dealer with a state-run bullion dealing bank in Mumbai.
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First Published: Fri, Nov 04 2011. 02 31 PM IST
More Topics: Markets | India | Commodity | Bullion | Gold |