Mumbai: Gold recovered from its early losses on Thursday afternoon to near its record high, deterring physical traders from placing new deals as they sought to stock for the wedding season, dealers said.
“There were some deals at $1,414 (an ounce),” said a dealer with a state-run bullion dealing bank, adding, “Most of the orders are there at $1,408.”
The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was trading 0.37% higher at Rs 21,062 per 10 grams, after hitting a high of Rs 21,069, near the previous contract high of Rs 21,101.
Harvesting and wedding season are underway India, the world’s largest consumer of the yellow metal, and typically demand for bullion goes up during this period.
India’s gold imports in October-December rose 30% to 265 tonne, and an increase in import duty is likely in the upcoming budget, the World Gold Council said on 17 February.