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Gold eases; buyers wait for bigger falls

Gold eases; buyers wait for bigger falls
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First Published: Wed, Jun 08 2011. 05 29 PM IST
Updated: Wed, Jun 08 2011. 05 29 PM IST
Mumbai: Gold fell a tad on Wednesday following weak overseas markets, with traders waiting for bigger falls in a seasonally lean demand period, dealers said.
At 5:17pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.39% lower at Rs 22,533 per 10 grams.
“There is no incentive to buy, (and) even its a dull period (for gold buying),” said a dealer with a state-run bullion importing bank in Mumbai.
Overseas gold fell on Wednesday after Federal Reserve chairman Ben Bernanke offered no hints of further US monetary easing in a speech a day earlier, taking pressure off the dollar.
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First Published: Wed, Jun 08 2011. 05 29 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |