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Gold eases from record high; buying edges up

Gold eases from record high; buying edges up
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First Published: Wed, Jul 20 2011. 02 27 PM IST
Updated: Wed, Jul 20 2011. 02 27 PM IST
Mumbai: Gold futures eased from their record high on Wednesday afternoon, as traders sought to book profits after the yellow metal gained about 5% since the start of the month.
The most-traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.29% lower at Rs 22,974 per 10 grams, off from the record high of Rs 23,320 struck on Tuesday.
A slightly stronger rupee also weighed on sentiment. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
The rupee nudged higher supported by Asian peers and a slightly firm euro ahead of the euro zone emergency summit on Thursday.
Dealers said physical buying edged up, with few traders waiting for bigger falls for deals ahead of festivals next month.
India, the world’s biggest buyer of bullion, is in the middle of the sowing season, when farmers, the traditional buyers of the yellow metal, divert their savings to agricultural equipment and fertilizers.
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First Published: Wed, Jul 20 2011. 02 27 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |