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Gold eases on strong rupee, but demand stays weak

Gold eases on strong rupee, but demand stays weak
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First Published: Mon, May 30 2011. 04 39 PM IST
Updated: Mon, May 30 2011. 04 39 PM IST
Mumbai: Gold futures eased on Monday evening on a strong rupee, but domestic demand remained subdued as both wholesale and retail buyers were on sideline, dealers said.
At 4:20pm, the most-active gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.18% at Rs 22,479 per 10 grams.
“Demand was very weak for the past few days. There wasn’t any special occasion to attract retail buyers. They have already finished weeding season purchases,” said an official at Kiran Jewellers from Jaipur, Rajasthan.
International gold held steady on Monday, buoyed by the ongoing debt crisis in the euro zone, while silver trimmed gains as an increase in margins by the Shanghai Gold Exchange kept sentiment in check.
The rupee, which has a bearing on the landed cost of dollar-quoted gold, was at 45.065/070 per dollar, stronger than 45.16/17 per dollar at close on Friday, tracking gains in other Asian currencies.
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First Published: Mon, May 30 2011. 04 39 PM IST
More Topics: India | Markets | Gold | Commodity | Bullion |