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Gold extends gains, traders stay away

Gold extends gains, traders stay away
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First Published: Mon, Mar 21 2011. 04 45 PM IST
Updated: Mon, Mar 21 2011. 04 45 PM IST
Mumbai: Gold futures extended gains on Monday afternoon to hit their highest level in a week, following overseas markets, though a strong rupee kept the upside in prices limited, and traders were unwilling to book high-priced stocks, dealers said.
At 2:25pm, the most-active gold for April delivery on the Multi Commodity Exchange (MCX) was trading 0.60 percent higher at Rs 20,973 per 10 grams, after hitting a high of Rs 20,996, a level last seen on 14 March.
“Secondary gold is available in the market at lower prices, they are available at a discount of Rs 200 (per 10 grams),” said a dealer with a state-rbun bullion importing bank in Mumbai.
The rupee was stronger tracking the euro’s gains against the dollar, but was expected to remain rangebound with high oil prices preventing a sharper rise, traders said.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
The high-demand wedding season is underway in India, the world’s largest consumer of the yellow metal. India’s gold imports in October-December rose 30% to 265 tonne.
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First Published: Mon, Mar 21 2011. 04 45 PM IST
More Topics: Markets | India | Commodity | Gold | BSE |