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Gold buying stays weak for 2nd day, rupee helps

Gold buying stays weak for 2nd day, rupee helps
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First Published: Mon, Feb 22 2010. 02 23 PM IST
Updated: Mon, Feb 22 2010. 02 23 PM IST
Mumbai: India’s gold-buying was slack for a second day running as the yellow metal jumped to its highest level in a month, but a strong rupee aided sentiment, dealers said on Monday.
“Market is very dull today, I managed to just execute 35 kg on Friday,” said a dealer with a state-run bank in Mumbai.
Gold trading in banks, the primary dealer of bullion, was shut on Saturday and Sunday.
“Volumes are thin as prices have moved up, rupee, though, is in helping mode,” said a dealer with a private bullion dealing bank, which quoted gold at Rs16,600 per 10 grams.
International gold, which guides the domestic market, jumped to its highest in a month as the U.S. dollar took a breather from a recent rally and fund-buying picked up after the euro gained on talk about a speedy bailout for debt-ridden Greece.
Spot gold was trading at $1,126.5/1,127.3 an ounce, after hitting a high of 1,131.45 an ounce, a level last seen on 20 January.
“Some of my orders have been placed on Friday at $1,100,” said the state-run bank dealer.
However, dealers said, a strong rupee kept the upside restricted in the yellow metal.
The Indian rupee strengthened, boosted by gains in other Asian currencies and domestic shares.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15pm.
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First Published: Mon, Feb 22 2010. 02 23 PM IST
More Topics: Markets | India | Commodity | Gold | Bullion |