Gold demand cools off as prices inch higher

Gold demand cools off as prices inch higher
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First Published: Mon, Feb 15 2010. 02 18 PM IST
Updated: Mon, Feb 15 2010. 02 18 PM IST
Mumbai: India’s wholesale gold demand cooled off on Monday afternoon as the yellow metal prices edged higher nearing the most-watched $1,100 an ounce-mark, after offtake picked up for the most part of last week, dealers said.
“Today the demand is dull, there was big offtake last week, when gold ferried below $1,075 (an ounce),” said a state-run bullion dealing bank dealer.
International spot gold, which guides the domestic market, was trading at $1,095.75/1,096.55, after hitting an intra-day high of $1,097.85 an ounce. The previous close was at $1,092.40/1,094.40.
“My order sheet is showing unexecuted deals below $1,050 levels,” said the bank dealer.
However, a strong rupee, which makes the dollar-quoted asset aided sentiment, dealers added.
The Indian rupee strengthened on some bunched up dollar inflows in early Monday trade, but the lack of directional cues from other regional peers and a choppy domestic stock market capped further gains.
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First Published: Mon, Feb 15 2010. 02 18 PM IST
More Topics: Gold | Markets | Commodities | Bullion | Dollar |