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Gold steady near record; traders eye price declines

Gold steady near record; traders eye price declines
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First Published: Wed, Apr 20 2011. 02 41 PM IST
Updated: Wed, Apr 20 2011. 02 41 PM IST
MUMBAI, April 20 (Reuters) - India gold steadied near a record high on Wednesday as firm overseas leads were offset by a strong rupee, with traders awaiting price falls to stock up for the upcoming festival season.
Silver edged higher to hit a record following firm base metals.
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was trading 0.05% lower at Rs 21,834 per 10 grams. The contract had struck a record of Rs 21,857 on Monday.
“Traders are uncomfortable at $1,500 (an ounce). I booked for about 30 kgs from morning at $1,499-1,501 (an ounce),” said a dealer with a state-run bullion dealing bank, adding “I have advanced orders at $1,500-1,498.”
International spot gold prices broke through $1,500 for the first time and silver hit a 31-year high, supported by a weak dollar and concerns over a sovereign debt crisis in the euro zone. Though a strong rupee negated the support, keeping the local prices steady.
The Indian rupee strengthened aided by local share gains and the dollar’s fall against major currencies, but high oil prices are seen limiting the rise.
India, the world’s largest consumer of the yellow metal, celebrates Akshaya Tritiya on 6 May, when consumers buy gold to invoke prosperity.
Silver continued its gaining streak on Wednesday afternoon to hit a record of 65,349 rupees per kg, before trading 1.07% higher at Rs 65,284 per kg.
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First Published: Wed, Apr 20 2011. 02 41 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |