Mumbai: Gold traded just a tad above the keenly-watched Rs30,000 mark on Wednesday, with traders unwilling to get stuck with high priced inventory in a seasonally slack demand period.
At 03:20 pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.15% higher at Rs30,014 per 10 grams. The contract had struck a record of Rs30,295 on 6 June.
“Demand is zero as prices are higher,” 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.
In the overseas market, gold rose a tad due to a weaker dollar. Investors will be eyeing the weekend Greek election and next week’s FOMC meeting for direction in prices.
Silver futures also traded flat. Silver for July delivery on the MCX was 0.09% higher at Rs55,125 per kg.