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Gold rise erodes spot demand at wedding season end

Gold rise erodes spot demand at wedding season end
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First Published: Tue, May 24 2011. 03 22 PM IST
Updated: Tue, May 24 2011. 03 22 PM IST
Mumbai: India’s gold futures on Tuesday extended the previous session’s gains, tailing a rise in the overseas markets, but physical demand in the domestic market took a backseat as jewellers and retail investors waited for a correction, dealers said.
At 3:13pm, the most-active gold for June delivery on the Multi Commodity Exchange (MCX) was 0.22% higher at Rs 22,350 per 10 grams.
“Jewellers were not buying as wedding season is almost over, while retail investors were waiting for a correction,” said a Mumbai-based dealer with a state-run bank dealing in bullion.
International gold firmed to its highest level in almost two weeks on Tuesday on worries that Europe’s debt crisis was spreading out of control, sending euro-denominated bullion to a record above €1,081 an ounce.
Premiums for gold bars were mostly lower in Asia on Tuesday after bullion jumped to two-week highs on fears of worsening debt problems in Europe, while high prices and a volatile rupee curbed demand from main consumer India.
The rupee, which has a bearing on the landed cost of dollar-quoted gold, was largely steady on Tuesday afternoon.
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First Published: Tue, May 24 2011. 03 22 PM IST
More Topics: India | Markets | Gold | Commodity | Bullion |