Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  Gold falls for 2nd day; demand stays weak
BackBack

Gold falls for 2nd day; demand stays weak

Gold falls for 2nd day; demand stays weak

Premium

Mumbai: The gold futures fell for a second straight day on Tuesday on a strong rupee, but the fall wasn’t enough to boost demand in the lean season, dealers said.

At 5:28 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was down 0.25% to 22,302 per 10 grams.

“No, there wasn’t any improvement in demand despite the correction. No one is in hurry to buy," said a Mumbai-based dealer with a state-run bank dealing in bullion.

International gold rallied on Tuesday as the jewellery sector came looking for bargains, the dollar slipped and investors fretted about the Greek debt crisis.

Jewellers across Asia rushed to replenish stocks after a recent drop in gold prices, but main consumer India showed little interest as farmers turned their attention to their crop during the monsoon season, dealers said.

The Indian rupee, which has a bearing on the landed cost of dollar-quoted gold, closed at 44.73/74 per dollar, stronger than 44.86/87 at the previous close, comforted by dollar’s weakness overseas, but volatile local shares and oil companies demand for US currency arrested rupee’s gains.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 14 Jun 2011, 06:34 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App