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Gold edges up; physical demand retreats

Gold edges up; physical demand retreats
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First Published: Fri, Mar 11 2011. 02 05 PM IST
Updated: Fri, Mar 11 2011. 02 05 PM IST
Mumbai: India gold futures were a tad higher on Friday evening following overseas markets, but physical buying retreated after a brief pick-up in the previous session.
“There were a few deals on Thursday evening at $1,405-1,414 (an ounce), but on Friday they are waiting for prices to settle down, I have orders below $1,405,” said dealer with a state-run bank in Mumbai.
The most-active gold for April delivery on the Multi Commodity Exchange of India was trading 0.23% higher at Rs20,883 per 10 grams. The contract had struck a record of Rs21,274 on 7 March.
The high-demand wedding season is underway in India, the world’s largest consumer of the yellow metal.
India’s gold imports in October-December rose 30% to 265 tonnes.
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First Published: Fri, Mar 11 2011. 02 05 PM IST
More Topics: Gold | Buliion | Markets | Commodity | MCX |