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Gold steady; demand awaits correction

Gold steady; demand awaits correction
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First Published: Thu, Jun 02 2011. 06 02 PM IST
Updated: Thu, Jun 02 2011. 06 02 PM IST
Mumbai: Gold futures were steady on Thursday evening as profit-taking outweighed a weak rupee and a slight edge-up in the overseas market, and demand was subdued as wedding season purchases tapered off, dealers said.
At 4:06pm, the most-active gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.03% at Rs 22,454 per 10 grams.
“It’s a quiet period. Wedding season demand is almost over. Jewellers are holding lower inventory, but they are not buying at current levels. They are waiting for a correction,” said a Mumbai-based dealer with a state-run bank dealing in bullion.
Activities in Asia’s physical gold market slowed as the summer lull reduced both buying interest and scrap selling, and premiums eased in regional bullion trade hubs Hong Kong and Singapore.
International gold edged up on Thursday as concerns grew about the outlook for the U.S. economy and the dollar weakened.
The rupee, which has a bearing on the landed cost of dollar-quoted gold, remained weak in afternoon trade on Thursday tailing softer local shares and the euro, but was stuck in a narrow 8-10 paise band in quiet trade.
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First Published: Thu, Jun 02 2011. 06 02 PM IST
More Topics: India | Markets | Commodity | Gold | Bullion |