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Gold demand remains weak for second session

Gold demand remains weak for second session
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First Published: Thu, Apr 08 2010. 02 44 PM IST
Updated: Thu, Apr 08 2010. 02 44 PM IST
Mumbai: India gold demand remained slack for a second session in a row on Thursday as prices stayed in the vicinity of their three-month high struck in the previous session, dealers said.
“Today demand is negligible because the rates have gone up and even rupee is at Rs44.70, so the impact is double... there was buying until Tuesday...,” said a dealer with a state-run bank in Mumbai.
International gold, which guides the domestic markets, was trading at $1,143.85/1,144.85 as against the previous close of 1,147/1,149 an ounce, after hitting a three-month high of 1,152.75, a level last seen in early January.
A weak rupee, which makes the dollar-quoted asset expensive also weighed on sentiment, they added.
The Indian rupee recovered from early lows on heavy dollar-selling by exporters in afternoon trade, dealers said.
Currently, the wedding season is underway in the world’s largest consumer of the yellow metal, with gold-buying festivals like Akshaya Tritiya slated in May.
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First Published: Thu, Apr 08 2010. 02 44 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |