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Gold buying continues; rupee weighs

Gold buying continues; rupee weighs
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First Published: Wed, Jan 27 2010. 02 37 PM IST
Updated: Wed, Jan 27 2010. 02 37 PM IST
Mumbai: India gold traders continued to pick bargains on Wednesday afternoon as the yellow metal traded below the $1,100 an ounce level, but a weaker rupee weighed on sentiment, dealers said.
“There is good demand in the market, traders are finding these prices of Rs16,700 per 10 grams and $1,093 (an ounce) attractive,” said a dealer with a private bullion dealing bank in Mumbai.
International spot gold was trading at $1,092.10/1,092.90 an ounce, as against the previous close of $1,097.25/1,098.05 an ounce.
“I have orders lined-up in the range of $1,075-1,085,” said another dealer with a Mumbai-based state-run bank.
A weak rupee, which makes the dollar-quoted asset expensive, weighed on traders’ sentiments.
The Indian rupee slipped to its lowest level in more than three weeks as the local sharemarket played catch-up with the slide in the rest of the world after trading resumed following a holiday.
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First Published: Wed, Jan 27 2010. 02 37 PM IST
More Topics: Gold | Bullion | Dollar | Rupee | Markets |