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Gold rises 1.5%, moderates demand

Gold rises 1.5%, moderates demand
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First Published: Fri, Sep 02 2011. 03 42 PM IST
Updated: Fri, Sep 02 2011. 03 42 PM IST
Mumbai: Gold futures gained more than 1.5% on Friday tracking a firm world market, moderating demand in the domestic spot market in the middle of the festive season, dealers said.
The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 1.51% higher at Rs 27,627 per 10 grams at 3:11pm.
“Demand is moderate-to-lower. There was good demand at the beginning of this week, but the price rise again dented demand,” said a dealer with a private bullion importing bank in Mumbai.
“Not everyone is waiting for a sharp drop in prices. In India, sentiments are that gold will go up further. So consumers are buying at every level.”
The rupee continued to trade higher in afternoon trades on Friday aided by positive shares, but came off the day’s high as the euro slipped. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
Wedding and festival season demand will gain pace and peak in October before tapering off in December.
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First Published: Fri, Sep 02 2011. 03 42 PM IST
More Topics: India | Markets | Gold | Commodity | Bullion |