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Gold eases; demand weak as farmers busy sowing

Gold eases; demand weak as farmers busy sowing
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First Published: Wed, Jun 15 2011. 06 48 PM IST
Updated: Wed, Jun 15 2011. 06 48 PM IST
Mumbai: The gold futures eased on Wednesday following losses in overseas markets, and demand in the domestic spot market remained muted as farmers were busy with sowing operations, dealers said.
At 3:24 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was down 0.16% to Rs 22,313 per 10 grams.
“Farmers are busy in sowing operations. Demand is negligible from rural India. Wedding season demand has also vanished,” said a Mumbai-based dealer with a state-run bank dealing in bullion.
International gold slipped on Wednesday as a stronger dollar prompted a flurry of sales, but investor buying sparked by sovereign debt concerns and inflationary pressures.
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 on Tuesday.
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First Published: Wed, Jun 15 2011. 06 48 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |