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Gold buying slows though rupee marginally firm

Gold buying slows though rupee marginally firm
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First Published: Thu, Dec 16 2010. 01 30 PM IST
Updated: Thu, Dec 16 2010. 01 30 PM IST
Mumbai: Gold buying slowed on Thursday afternoon as traders refrained from taking fresh positions as wedding season neared an end despite a marginally stronger rupee, dealers said.
“Demand is low and slowly receding, I placed orders for 21 kgs at $1,382/1,383 (an ounce),” said a dealer with a state-run, bullion-importing bank.
Gold contract on the Multi Commodity Exchange (MCX) was trading 0.31% lower at Rs 20,567 per 10 grams at 1:49pm, down over 1 percent from the record high of Rs 20,924.
“Demand is slightly thin, they would hardly come to buy until mid-January,” said another dealer with a private bank in Mumbai.
The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Wedding season in India, the world’s largest consumer of the yellow metal, is nearing an end, and will re-start in the third week of January.
The country accounts for 20% of global demand for gold jewellery.
In July-September, India imported 214 tonnes of gold, up 21.6 percent on year, the World Gold Council said.
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First Published: Thu, Dec 16 2010. 01 30 PM IST
More Topics: Markets | India | Commodity | Gold | Rupee |