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Gold falls for 2nd day; demand stays weak

Gold falls for 2nd day; demand stays weak
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First Published: Tue, Jun 14 2011. 06 34 PM IST
Updated: Tue, Jun 14 2011. 06 34 PM IST
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 Rs 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.
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First Published: Tue, Jun 14 2011. 06 34 PM IST