Mumbai: Gold prices were steady on Friday as pressure from a stronger rupee was offset by a firm overseas market, keeping physical traders on the sidelines in a seasonally lean demand period.
At 03:15 pm, the most-active gold for August delivery was 0.08% higher at Rs30,136 per 10 grams.
The rupee, which rose on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Overseas gold prices held firm above $1,620 an ounce in Europe as caution ahead of Greek elections this weekend, which could determine its continued membership in the euro zone currency bloc, kept buyers on the sidelines.
“Buying is zero as prices are still high, there are sellers in the market,” said Haresh Acharya, head of bullion desk, Parker Bullion.
Gold demand in India is likely to remain sluggish in the coming months due to a lack of weddings and festivals during the monsoon.
Silver futures traded a tad higher. Silver for July delivery on the MCX was 0.37% higher at Rs54,644 per kg.