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Gold up on late wedding demand

Gold up on late wedding demand
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First Published: Thu, Jun 18 2009. 04 19 PM IST
Updated: Thu, Jun 18 2009. 04 19 PM IST
Mumbai: Indian gold prices in the physical market rose on Thursday on some buying just a week before the end of the wedding season, analysts said.
“There is some increase in buying from yesterday.....this is just last-moment wedding demand for gold,” said a dealer with a private bank.
The Indian wedding season ends in a week’s time.
“The spurt in demand is short-lived...it won’t sustain if prices don’t come below Rs14,000 per 10 gm,” said another dealer with a public sector bank.
Indian gold futures were higher on a weak rupee and supported by technicals.
The Indian rupee fell in afternoon trade on Thursday as a more than 2% fall in the domestic stock market raised concerns about a return of risk aversion, with the dollar gains overseas also hurting.
Weak rupee makes the dollar-denominated imported commodity expensive.
Three analysts said August futures contract on Multi-Commodity Exchange is trading above crucial Rs14,500 levels and may reach Rs14,650 levels.
International gold edged lower in Europe on Thursday as a recovery in the dollar dented interest in the metal as a hedge against weakness in the US currency.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 4:11pm.
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First Published: Thu, Jun 18 2009. 04 19 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |