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Gold demand abates after pick-up a day earlier

Gold demand abates after pick-up a day earlier
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First Published: Wed, Mar 10 2010. 02 41 PM IST
Updated: Wed, Mar 10 2010. 02 41 PM IST
Mumbai: India gold demand abated on Wednesday afternoon as traders awaited price falls after offtake picked-up in the previous session, when the yellow metal touched a two-week low, dealers said.
“I struck deals at around $1,110-1,112 (an ounce) yesterday (Tuesday) evening, but now there are a few stray deals,” said Pinakin Vyas, assistant vice-president, treasury with IndusInd Bank in Mumbai.
International spot gold, which guides the domestic markets, was trading at $1,124.65/1,125.45 an ounce as against the previous close of $1,121.15/1,121.95.
It had hit an intra-day low of $1,108.55 an ounce on Tuesday, its weakest since 26 February, due to a resurgent dollar and weak oil prices.
“Corrections till $1,108 (an ounce) could help generate demand,” said another dealer with a state-run bank.
A strong rupee, which makes the dollar-quoted asset cheaper, helped sentiment.
The Indian rupee continued to trade stronger as higher regional peers cheered sentiment, but gave up some strength in tandem with the sharemarket. which failed to sustain most of the early gains.
Following were the prices being quoted by Scotia Mocatta in rupees in the spot market at 1:15pm.
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First Published: Wed, Mar 10 2010. 02 41 PM IST
More Topics: Markets | India | Commodity | Gold | Bullion |