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Gold demand remains weak for second day

Gold demand remains weak for second day
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First Published: Thu, Sep 23 2010. 02 19 PM IST
Updated: Thu, Sep 23 2010. 02 19 PM IST
Mumbai: India gold demand remained weak for a second consecutive session as prices traded in the vicinity of its all-time high, but dealers said underlying demand was strong on expectations of higher festive demand.
“There have been no sales from yesterday, we have many orders down below at $1,270/1,275 an ounce,” said a dealer with a state-run bullion dealing bank.
Gold on the Multi Commodity Exchange (MCX) was trading 0.13% higher at Rs19,209 per 10 grams, after hitting a high of Rs19,245, nearing the contract high of Rs19,257 struck on 15 September.
Demand in India, the world’s biggest consumer of gold, rises during the festival season of August-November. The demand peaks on Dhanteras--considerd auspicious day to buy gold--in November.
A weaker rupee, which makes the dollar-quoted asset expensive, also weighed on sentiment, they added.
The Indian rupee weakened in lacklustre trade on Thursday as the domestic stock market pulled back from a rally, while major Asian markets were closed for a holiday.
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First Published: Thu, Sep 23 2010. 02 19 PM IST
More Topics: Markets | India | Gold | Commodity | Sensex |