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Gold edges up; physical traders on sidelines

Gold edges up; physical traders on sidelines
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First Published: Wed, Jul 06 2011. 03 34 PM IST
Updated: Wed, Jul 06 2011. 03 34 PM IST
Mumbai: Gold futures edged higher on Wednesday, tracking similar trend overseas, with a weak rupee also aiding sentiment, which made the dollar-quoted yellow metal expensive, pushing traders to the sidelines, dealers said.
At 2:57pm, the most-traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.32% higher at Rs 22,038 per 10 grams.
Dealers said physical buying retreated as prices crawled over $1,500 an ounce, after picking up for a few previous sessions.
Overseas spot gold rose to a 1-1/2-week high on Wednesday, supported by a weaker dollar and renewed worries about the euro zone’s debt problem after Moody’s slashed Portugal’s credit rating to junk.
The rupee rose to a fresh two-month high, supported by dollar inflows that propped up domestic shares and Asian currencies, but the euro’s weakness limited the rise.
The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
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First Published: Wed, Jul 06 2011. 03 34 PM IST
More Topics: Markets | India | Gold | Commodity | Dollar |