Mumbai: Indian gold prices fell to their lowest level in a month as the rupee gained against the dollar, triggering some buying by traders towards the end of the country’s wedding season.
The most-traded gold for June delivery was 0.82% lower at Rs 28,443 per 10 grams, after hitting Rs 28,300, a level last seen on 9 April.
“There is a slight uptick in demand due to continuous fall in prices...,” Haresh Acharya, head of bullion desk, Parker Bullion, a wholesaler based in Ahmedabad.
The Indian marriage season will taper off by the end of the month. The festival season has almost ended.
The rupee, which gained 0.74% on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
In the overseas markets, gold struggled to make headway after three straight sessions of losses, with investors still worried about political deadlock in Greece and problems in Spain’s banking sector.