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Gold extends losses; physical trading still dull

Gold extends losses; physical trading still dull
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First Published: Fri, Jun 24 2011. 03 20 PM IST
Updated: Fri, Jun 24 2011. 03 20 PM IST
Mumbai: Gold extended losses on Friday afternoon to hit its lowest level in more than a week, wiping off part of the gains of the eight previous sessions, weighed down by a stronger rupee, but the price declines failed to attract physical traders.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.24% lower at Rs 22,358 per 10 grams, after hitting a low of Rs 22,352, a level last seen on 15 June.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
India, the world’s biggest buyer of the yellow metal, is in a seasonally lean demand period due to monsoon as farmers divert their savings on agricultural equipment and fertiliser for summer-sown or kharif crops.
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First Published: Fri, Jun 24 2011. 03 20 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |