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Gold price decline lifts physical demand

Gold price decline lifts physical demand
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First Published: Wed, Jun 01 2011. 04 30 PM IST
Updated: Wed, Jun 01 2011. 04 30 PM IST
Mumbai: Gold futures fell on Wednesday afternoon following losses overseas and the rupee’s strength, while demand in local spot markets improved for the first time in nearly a fortnight, dealers said.
At 4:14pm, the most-active gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.68% at Rs 22,273 per 10 grams.
“There was slight improvement in demand. People are waiting for correction. Good demand will emerge in the market if prices go below $1,500 an ounce,” said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.
International gold eased on Wednesday after receding worries about Greece’s debt crisis quashed some of the appetite among investors for safe havens, while the rise in the single European currency dented the euro price of bullion.
The rupee, which has a bearing on the landed cost of dollar-quoted gold, gained further on Wednesday to touch a near three-week high propelled by the euro’s rise, upbeat local shares and corporate dollar inflows.
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First Published: Wed, Jun 01 2011. 04 30 PM IST
More Topics: India | Markets | Gold | Commodity | Rupee |